Teleflex (TFX) 10-Q 29 Oct 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 27, 2020	Oct. 27, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 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		46,566,715
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Income Statement [Abstract]
Net revenues	$ 628,301	$ 648,319	$ 1,825,977	$ 1,914,410
Cost of goods sold	298,977	293,244	884,657	883,127
Gross profit	329,324	355,075	941,320	1,031,283
Selling, general and administrative expenses	171,673	209,291	510,662	631,712
Research and development expenses	29,218	27,984	85,978	82,729
Restructuring and impairment (credits) charges	(3,659)	1,268	16,692	20,348
Gain on sale of assets	0	(1,089)	0	(3,828)
Income from continuing operations before interest and taxes	132,092	117,621	327,988	300,322
Interest expense	16,652	19,545	47,773	62,995
Interest income	(214)	(470)	(956)	(1,281)
Income from continuing operations before taxes	115,654	98,546	281,171	238,608
(Benefit) taxes on income from continuing operations	(951)	(130,383)	21,971	(115,567)
Income from continuing operations	116,605	228,929	259,200	354,175
Operating loss from discontinued operations	(29)	(9)	(11)	(1,291)
Tax benefit on operating loss from discontinued operations	(11)	(9)	(4)	(317)
Loss from discontinued operations	(18)	0	(7)	(974)
Net income	$ 116,587	$ 228,929	$ 259,193	$ 353,201
Basic:
Income from continuing operations (in dollars per share)	$ 2.51	$ 4.95	$ 5.58	$ 7.67
Income (loss) from discontinued operations (in dollars per share)	0	0	0	(0.02)
Net income (in dollars per share)	2.51	4.95	5.58	7.65
Diluted:
Income from continuing operations (in dollars per share)	2.46	4.85	5.48	7.53
Loss from discontinued operations (in dollars per share)	0	0	0	(0.02)
Net income (in dollars per share)	$ 2.46	$ 4.85	$ 5.48	$ 7.51
Weighted average common shares outstanding
Basic (in shares)	46,530	46,248	46,451	46,156
Diluted (in shares)	47,333	47,176	47,269	47,051

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 116,587	$ 228,929	$ 259,193	$ 353,201
Other comprehensive income (loss), net of tax:
Foreign currency translation, net of tax of $6,957, $(7,045), $1,671, and $(8,804) for the three and nine month periods, respectively	20,632	(39,894)	20,087	(27,562)
Pension and other postretirement benefit plans adjustment, net of tax of $(303), $(494), $(1,229), and $(1,330) for the three and nine months periods, respectively	1,037	1,560	4,071	4,248
Derivatives qualifying as hedges, net of tax of $(184), $64, $252, and $146 for the three and nine months periods, respectively	1,454	(260)	(3,458)	(102)
Other comprehensive income (loss), net of tax:	23,123	(38,594)	20,700	(23,416)
Comprehensive income	$ 139,710	$ 190,335	$ 279,893	$ 329,785

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax	$ 6,957	$ (7,045)	$ 1,671	$ (8,804)
Pension and other postretirement benefits plans adjustment, tax	(303)	(494)	(1,229)	(1,330)
Derivatives qualifying as hedges, tax	$ (184)	$ 64	$ 252	$ 146

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 347,480	$ 301,083
Accounts receivable, net	390,476	418,673
Inventories	526,125	476,557
Prepaid expenses and other current assets	101,452	97,943
Prepaid taxes	55,028	12,076
Total current assets	1,420,561	1,306,332
Property, plant and equipment, net	445,242	430,719
Operating lease assets	102,924	113,160
Goodwill	2,363,837	2,245,305
Intangible assets, net	2,228,930	2,156,285
Deferred tax assets	4,915	5,572
Other assets	46,879	52,447
Total assets	6,613,288	6,309,820
Current liabilities
Current borrowings	91,750	50,000
Accounts payable	96,917	102,916
Accrued expenses	117,493	100,466
Current portion of contingent consideration	4,744	148,090
Payroll and benefit-related liabilities	98,828	115,981
Accrued interest	22,547	5,514
Income taxes payable	10,873	6,692
Other current liabilities	32,095	33,396
Total current liabilities	475,247	563,055
Long-term borrowings	2,035,823	1,858,943
Deferred tax liabilities	486,350	439,558
Pension and postretirement benefit liabilities	55,795	82,719
Noncurrent liability for uncertain tax positions	12,562	10,294
Noncurrent contingent consideration	16,872	71,818
Noncurrent operating lease liabilities	91,379	101,372
Other liabilities	203,057	202,741
Total liabilities	3,377,085	3,330,500
Commitments and contingencies
Total shareholders' equity	3,236,203	2,979,320
Total liabilities and shareholders' equity	$ 6,613,288	$ 6,309,820

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Cash flows from operating activities of continuing operations:
Net income	$ 259,193	$ 353,201
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations	7	974
Depreciation expense	51,329	47,286
Intangible asset amortization expense	118,649	112,661
Deferred financing costs and debt discount amortization expense	3,191	3,313
Gain on sale of assets	0	(3,828)
Fair value step up of acquired inventory sold	1,707	0
Changes in contingent consideration	(54,585)	40,894
Impairment of long-lived assets	0	6,911
Stock-based compensation	14,759	20,037
Deferred income taxes, net	2,600	(140,963)
Payments for contingent consideration	(79,771)	(26,092)
Interest benefit on swaps designated as net investment hedges	(14,488)	(13,820)
Other	(15,703)	(7,142)
Changes in assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable	35,546	(41,221)
Inventories	(38,096)	(53,259)
Prepaid expenses and other assets	9,393	(13,184)
Accounts payable, accrued expenses and other liabilities	(4,243)	31,631
Income taxes receivable and payable, net	(48,000)	(28,232)
Net cash provided by operating activities from continuing operations	241,488	289,167
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(62,369)	(83,797)
Proceeds from sale of assets	400	3,135
Payments for businesses and intangibles acquired, net of cash acquired	(266,843)	(1,265)
Net interest proceeds on swaps designated as net investment hedges	9,986	8,330
Net cash used in investing activities from continuing operations	(318,826)	(73,597)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	1,013,807	25,000
Reduction in borrowings	(788,807)	(185,500)
Debt extinguishment, issuance and amendment fees	(8,440)	(4,964)
Net proceeds from share based compensation plans and the related tax impacts	11,177	14,014
Payments for contingent consideration	(64,135)	(112,006)
Dividends paid	(47,384)	(47,071)
Net cash provided by (used in) financing activities from continuing operations	116,218	(310,527)
Cash flows from discontinued operations:
Net cash (used in) provided by operating activities	(540)	2,651
Net cash (used in) provided by discontinued operations	(540)	2,651
Effect of exchange rate changes on cash and cash equivalents	8,057	(7,311)
Net increase (decrease) in cash and cash equivalents	46,397	(99,617)
Cash and cash equivalents at the beginning of the period	301,083	357,161
Cash and cash equivalents at the end of the period	$ 347,480	$ 257,544

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid In Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	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	$ (1,321)	$ 47,248	$ 574,761	$ 2,427,599	$ (1,321)	$ (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, 2018			47,248					1,232
Beginning Balance at Dec. 31, 2018	2,539,978	(1,321)	$ 47,248	574,761	2,427,599	(1,321)	(341,085)	$ (168,545)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	353,201
Other comprehensive income (loss)	(23,416)
Ending Balance (in shares) at Sep. 29, 2019			47,463					1,184
Ending Balance at Sep. 29, 2019	2,852,976		$ 47,463	603,634	2,732,408		(364,501)	$ (166,028)
Beginning Balance (in shares) at Mar. 31, 2019			47,323					1,188
Beginning Balance at Mar. 31, 2019	2,569,878		$ 47,323	577,982	2,451,525		(340,689)	$ (166,263)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	83,375				83,375
Cash dividends	(15,697)				(15,697)
Other comprehensive income (loss)	14,782						14,782
Shares issued under compensation plans (in shares)			77					2
Shares issued under compensation plans	12,506		$ 77	12,252				$ 177
Ending Balance (in shares) at Jun. 30, 2019			47,400					1,186
Ending Balance at Jun. 30, 2019	2,664,844		$ 47,400	590,234	2,519,203		(325,907)	$ (166,086)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	228,929				228,929
Cash dividends	(15,724)				(15,724)
Other comprehensive income (loss)	(38,594)						(38,594)
Shares issued under compensation plans (in shares)			63					2
Shares issued under compensation plans	13,521		$ 63	13,400				$ 58
Ending Balance (in shares) at Sep. 29, 2019			47,463					1,184
Ending Balance at Sep. 29, 2019	2,852,976		$ 47,463	603,634	2,732,408		(364,501)	$ (166,028)
Beginning Balance (in shares) at Dec. 31, 2019			47,536					1,182
Beginning Balance at Dec. 31, 2019	2,979,320	(791)	$ 47,536	616,980	2,824,916	(791)	(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)
Beginning Balance (in shares) at Dec. 31, 2019			47,536					1,182
Beginning Balance at Dec. 31, 2019	2,979,320	$ (791)	$ 47,536	616,980	2,824,916	$ (791)	(344,392)	$ (165,720)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	259,193
Other comprehensive income (loss)	20,700
Ending Balance (in shares) at Sep. 27, 2020			47,697					1,135
Ending Balance at Sep. 27, 2020	3,236,203		$ 47,697	639,248	3,035,934		(323,692)	$ (162,984)
Beginning Balance (in shares) at Mar. 29, 2020			47,560					1,140
Beginning Balance at Mar. 29, 2020	3,073,024		$ 47,560	614,289	2,939,508		(364,719)	$ (163,614)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,456				11,456
Cash dividends	(15,791)				(15,791)
Other comprehensive income (loss)	17,904						17,904
Shares issued under compensation plans (in shares)			35					3
Shares issued under compensation plans	10,726		$ 35	10,516				$ 175
Deferred compensation (in shares)								(1)
Deferred compensation	83			0				$ 83
Ending Balance (in shares) at Jun. 28, 2020			47,595					1,136
Ending Balance at Jun. 28, 2020	3,097,402		$ 47,595	624,805	2,935,173		(346,815)	$ (163,356)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	116,587				116,587
Cash dividends	(15,826)				(15,826)
Other comprehensive income (loss)	23,123						23,123
Shares issued under compensation plans (in shares)			102					1
Shares issued under compensation plans	14,786		$ 102	14,671				$ 13
Deferred compensation	131			(228)				$ 359
Ending Balance (in shares) at Sep. 27, 2020			47,697					1,135
Ending Balance at Sep. 27, 2020	$ 3,236,203		$ 47,697	$ 639,248	$ 3,035,934		$ (323,692)	$ (162,984)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 27, 2020	Jun. 28, 2020	Mar. 29, 2020	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per share (in dollars per share)	$ 0.34	$ 0.34	$ 0.34	$ 0.34	$ 0.34	$ 0.34

Basis of presentation

Basis of presentation	9 Months Ended
	Sep. 27, 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 and nine months ended September 27, 2020 intangible asset amortization expense of $21.2 million and $63.2 million, respectively, is included within costs of good sold. For the three and nine months ended September 29, 2019, we reclassified intangible asset amortization expense of $20.6 million and $62.1 million, respectively, from selling, general and administrative expenses to cost of goods sold for comparability. 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 through government-mandated and self-imposed shut-downs in many countries, which were implemented to protect individuals and control the spread of COVID-19. 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	9 Months Ended
	Sep. 27, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently issued accounting standards	Recently issued accounting standardsIn June 2016 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. Under previous 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. 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	9 Months Ended
	Sep. 27, 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 87%, 10% and 3% of consolidated net revenues, respectively, for the nine months ended September 27, 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 and nine months ended September 27, 2020 and September 29, 2019. Three Months Ended Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 (Dollars in thousands) Vascular access $ 160,052 $ 148,681 $ 475,252 $ 446,225 Anesthesia 75,647 87,123 216,204 253,098 Interventional 93,187 106,883 275,704 314,852 Surgical 82,223 92,621 224,928 274,911 Interventional urology 81,773 73,629 196,114 201,312 OEM 49,399 55,444 168,618 166,110 Other (1) 86,020 83,938 269,157 257,902 Net revenues (2) $ 628,301 $ 648,319 $ 1,825,977 $ 1,914,410 (1) Includes 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	9 Months Ended
	Sep. 27, 2020
Business Combinations [Abstract]
Acquisitions	AcquisitionsOn February 18, 2020, we acquired IWG High Performance Conductors, Inc. (HPC), 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 (c

Restructuring and impairment (credits) charges	9 Months Ended
	Sep. 27, 2020
Restructuring and Related Activities [Abstract]
Restructuring and impairment (credits) charges	Restructuring and impairment (credits) charges 2020 Workforce reduction plan During the second quarter of 2020, we committed to a workforce reduction designed to improve profitability and reduce cost primarily by streamlining certain sales and marketing functions in our EMEA segment and certain manufacturing operations in our OEM segment. The workforce reduction was initiated to further align the business with our high growth strategic objectives. We estimate that we will incur aggregate pre-tax restructuring charges of $10 million to $13 million, consisting primarily of termination benefits, all of which will result in future cash outlays. This program will be substantially complete during 2020 and as a result most of these charges are expected to be incurred prior to the end of 2020. Footprint realignment plans 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 the 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 (3) 2018 Footprint realignment plan 2014 Footprint realignment plan (4) Program expense estimates: (Dollars in millions) Termination benefits $16 to $20 $60 to $70 $12 to $13 Other costs (1) 2 to 2 2 to 4 1 to 2 Restructuring charges 18 to 22 62 to 74 13 to 15 Restructuring related charges (2) 40 to 45 40 to 59 38 to 40 Total restructuring and restructuring related charges $58 to $67 $102 to $133 $51 to $55 Other program estimates: Expected cash outlays $55 to $63 $99 to $127 $42 to $46 Expected capital expenditures $27 to $33 $19 to $23 $25 to $26 Other program information: Period initiated February 2019 May 2018 April 2014 Estimated period of substantial completion 2022 2022 (5) 2022 Aggregate restructuring charges $14.6 $59.1 $13.5 Restructuring reserve: Balance as of September 27, 2020 $7.9 $47.2 $3.7 Restructuring related charges incurred: Three Months Ended September 27, 2020 $4.3 $3.3 $1.0 Nine Months Ended September 27, 2020 $10.7 $6.0 $2.7 Aggregate restructuring related charges $17.3 $13.2 $35.0 (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 the restructuring related charges are expected to be recognized within cost of goods sold. (3) During the second quarter of 2020, we refined the disclosed ranges for the program expense and other program estimates in consideration of the progress made to date as well as the actions remaining. (4) During the second quarter of 2020, we delayed the timing of substantial completion from our prior estimate of 2021 due to an extension in the development and qualification timeline, identified during the second quarter of 2020, for a component to be included in certain of our kits sold by our anesthesia business in North America. The shift in timing also resulted in an increase in the total program cost estimate and related cash outlays and as a result, we increased the high end of the ranges by $3 million. With respect to capital expenditures, we have also refined the range. (5) We accelerated the timing of substantial completion from our prior estimate of 2024 to take advantage of an opportunity we identified during the second quarter of 2020 to accelerate the recognition of estimated savings. Three Months Ended September 27, 2020 Termination benefits Other costs (1) Total (Dollars in thousands) 2020 Workforce reduction plan $ (471) $ 255 $ (216) 2019 Footprint realignment plan (785) 368 (417) 2018 Footprint realignment plan (3,006) 83 (2,923) Other restructuring programs (2) (151) 48 (103) Restructuring (credits) charges $ (4,413) $ 754 $ (3,659) Three Months Ended September 29, 2019 Termination benefits Other costs (1) Total (Dollars in thousands) 2019 Footprint realignment plan $ 584 $ 38 $ 622 2018 Footprint realignment plan 315 74 389 Other restructuring programs (3) 7 250 257 Restructuring charges $ 906 $ 362 $ 1,268 Nine Months Ended September 27, 2020 Termination benefits Other costs (1) Total (Dollars in thousands) 2020 Workforce reduction plan $ 10,093 $ 255 $ 10,348 2019 Footprint realignment plan 367 459 826 2018 Footprint realignment plan 4,853 216 5,069 Other restructuring programs (2) (89) 538 449 Restructuring charges $ 15,224 $ 1,468 $ 16,692 Nine Months Ended September 29, 2019 Termination benefits Other costs (1) Total (Dollars in thousands) 2019 Footprint realignment plan $ 13,100 $ 68 $ 13,168 2018 Footprint realignment plan (1,523) 782 (741) Other restructuring programs (3) 195 815 1,010 Restructuring charges 11,772 1,665 13,437 Asset impairment charges — 6,911 6,911 Restructuring and impairment charges $ 11,772 $ 8,576 $ 20,348 (1) Other costs include facility closure, contract termination and other exit costs. (2) Includes the program initiated during third quarter of 2019 as well as the 2016 and 2014 Footprint realignment plans. (3) Includes the program initiated during third quarter of 2019, the Vascular Solutions integration program (initiated in 2017) as well as the 2016 and 2014 Footprint realignment plans.

Inventories

Inventories	9 Months Ended
	Sep. 27, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories as of September 27, 2020 and December 31, 2019 consisted of the following: September 27, 2020 December 31, 2019 (Dollars in thousands) Raw materials $ 135,059 $ 114,302 Work-in-process 73,375 71,479 Finished goods 317,691 290,776 Inventories $ 526,125 $ 476,557

Goodwill and other intangible a

Goodwill and other intangible assets	9 Months Ended
	Sep. 27, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible assets	Note 7 — Goodwill and other intangible assets The following table provides information relating to changes in the carrying amount of goodwill by reportable operating segment for the nine months ended September 27, 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 — — — 107,127 107,127 Currency translation adjustment (2,824) 12,636 1,593 — 11,405 September 27, 2020 $ 1,548,101 $ 488,408 $ 215,318 $ 112,010 $ 2,363,837 The gross carrying amount of, and accumulated amortization relating to, intangible assets as of September 27, 2020 and December 31, 2019 were as follows: Gross Carrying Amount Accumulated Amortization September 27, 2020 December 31, 2019 September 27, 2020 December 31, 2019 (Dollars in thousands) Customer relationships $ 1,169,307 $ 1,021,852 $ (408,372) $ (367,585) In-process research and development 28,735 27,940 — — Intellectual property 1,394,676 1,351,990 (466,330) (402,340) Distribution rights 23,604 23,369 (19,829) (18,859) Trade names 566,532 563,315 (61,911) (50,718) Non-compete agreements 23,479 22,618 (20,961) (15,297) $ 3,206,333 $ 3,011,084 $ (977,403) $ (854,799)

Borrowings

Borrowings	9 Months Ended
	Sep. 27, 2020
Debt Disclosure [Abstract]
Borrowings	Borrowings Our borrowings at September 27, 2020 and December 31, 2019 were as follows: September 27, 2020 December 31, 2019 (Dollars in thousands) Senior Credit Facility: Revolving credit facility, at a rate of 1.65% at September 27, 2020, due 2024 $ — $ 300,000 Term loan facility, at a rate of 1.65% at September 27, 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 4.25% Senior Notes due 2028 500,000 — Securitization program, at a rate of 1.25% at September 27, 2020 75,000 50,000 2,148,000 1,923,000 Less: Unamortized debt issuance costs (20,427) (14,057) 2,127,573 1,908,943 Current borrowings (91,750) (50,000) Long-term borrowings $ 2,035,823 $ 1,858,943 4.25% Senior Notes due 2028 On May 27, 2020, we issued $500.0 million of 4.25% Senior Notes due 2028 (the "2028 Notes"). We will pay interest on the 2028 Notes semi-annually on June 1 and December 1, commencing on December 1, 2020, at a rate of 4.25% per year. The 2028 Notes mature on June 1, 2028 unless earlier redeemed at our option, as described below, or purchased at the holder’s option under specified circumstances following a Change of Control or Event of Default (each as defined in the indenture related to the 2028 Notes), coupled with a downgrade in the ratings of the 2028 Notes, or upon our election to exercise its optional redemption rights, as described below. We incurred transaction fees of $8.4 million, including underwriters’ discounts and commissions, in connection with the offering of the 2028 Notes, which were recorded on the consolidated balance sheet as a reduction to long-term borrowings and are being amortized over the term of the 2028 Notes. We used the net proceeds from the offering to repay borrowings under our revolving credit facility. Our obligations under the 2028 Notes are fully and unconditionally guaranteed, jointly and severally, by each of our existing and future 100% owned domestic subsidiaries that is a guarantor or other obligor under the Credit Agreement and by certain of our other 100% owned domestic subsidiaries. At any time on or after June 1, 2023, we may, on one or more occasions, redeem some or all of the 2028 Notes at a redemption price of 102.125% of the principal amount of the 2028 Notes subject to redemption, declining, in annual increments of 1.0625%, to 100% of the principal amount on June 1, 2025, plus accrued and unpaid interest. In addition, at any time prior to June 1, 2023, we may, on one or more occasions, redeem some or all of the 2028 Notes at a redemption price equal to 100% of the principal amount of the 2028 Notes redeemed, plus a “make-whole” premium and any accrued and unpaid interest. The “make-whole” premium is the greater of (a) 1.0% of the principal amount of the 2028 Notes subject to redemption or (b) the excess, if any, over the principal amount of the 2028 Notes, of the present value, on the redemption date, of the sum of (i) the June 1, 2023, optional redemption price plus (ii) all required interest payments on the 2028 Notes through June 1, 2023, (other than accrued and unpaid interest to the redemption date), generally computed using a discount rate equal to the yield to maturity of U.S. Treasury securities with a constant maturity for the period most nearly equal to the period from the redemption date to June 1, 2023 (unless the period is less than one year, in which case the weekly average yield on traded U.S. Treasury securities adjusted to a constant maturity of one year will be used), plus 50 basis points. In addition, at any time prior to June 1, 2023, we may, on one or more occasions, redeem up to 40% of the aggregate principal amount of the 2028 Notes, using the proceeds of specified types of our equity offerings and subject to specified conditions, at a redemption price equal to 104.25% of the principal amount of the Notes redeemed, plus accrued and unpaid interest. The indenture relating to the 2028 Notes contains covenants that, among other things, limit or restrict our ability, and the ability of our subsidiaries, to create liens; merge, consolidate, sell or otherwise dispose of all or substantially all of our assets; and enter into sale leaseback transactions. Securitization program 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	9 Months Ended
	Sep. 27, 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 and nine months ended September 27, 2020 we recognized a loss of $0.9 million and $0.1 million, respectively, related to non-designated foreign currency forward contracts. For the three and nine months ended September 29, 2019 we recognized losses of $1.9 million and $3.5 million, respectively, related to non-designated foreign currency forward contracts. The total notional amount for all open foreign currency forward contracts designated as cash flow hedges as of September 27, 2020 and December 31, 2019 was $136.9 million and $132.0 million, respectively. The total notional amount for all open non-designated foreign currency forward contracts as of September 27, 2020 and December 31, 2019 was $166.2 million and $145.1 million, respectively. All open foreign currency forward contracts as of September 27, 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 4.875% 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 and nine months ended September 27, 2020, we recognized foreign exchange losses of $23.2 million and $5.6 million, respectively, within AOCI related to the cross-currency swaps. For the three and nine months ended September 29, 2019, we recognized foreign exchange gains of $23.5 million and $29.4 million, respectively, within AOCI related to the cross-currency swaps. For the three and nine months ended September 27, 2020, we recognized $4.7 million and $14.5 million, respectively, in interest benefit related to the cross-currency swaps. For the three and nine months ended September 29, 2019, we recognized $5.0 million and $13.8 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 September 27, 2020 and December 31, 2019: September 27, 2020 December 31, 2019 (Dollars in thousands) Asset derivatives: Designated foreign currency forward contracts $ 916 $ 1,659 Non-designated foreign currency forward contracts 81 192 Cross-currency interest rate swaps 25,796 21,575 Prepaid expenses and other current assets 26,793 23,426 Cross-currency interest rate swaps 6,113 13,066 Other assets 6,113 13,066 Total asset derivatives $ 32,906 $ 36,492 Liability derivatives: Designated foreign currency forward contracts $ 2,449 $ 1,285 Non-designated foreign currency forward contracts 223 102 Other current liabilities 2,672 1,387 Total liability derivatives $ 2,672 $ 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 and nine months ended September 27, 2020 and September 29, 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 customers. The assumptions utilized in our current estimates may change due to changes in circumstances, additional future developments and the resolution of other contingencies.

Fair value measurement

Fair value measurement	9 Months Ended
	Sep. 27, 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 September 27, 2020 and December 31, 2019: Total carrying value at September 27, 2020 Quoted prices in active Significant other Significant (Dollars in thousands) Investments in marketable securities $ 11,155 $ 11,155 $ — $ — Derivative assets 32,906 — 32,906 — Derivative liabilities 2,672 — 2,672 — Contingent consideration liabilities 21,616 — — 21,616 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 using a Monte Carlo simulation (which involves a simulation of future revenues during the earn-out period using management's best estimates) or discounted cash flow analysis. Increases in projected revenues, estimated cash flows and probabilities of payment may result in significantly higher fair value measurements; decreases in these items may have the opposite effect. Increases in the discount rates in periods prior to payment may result in significantly lower fair value measurements and decreases in the discount rates may have the opposite effect. The table below provides additional information regarding the valuation technique and inputs used in determining the fair value of contingent consideration. Contingent Consideration Liability Valuation Technique Unobservable Input Range (Weighted average) Milestone-based payments Discounted cash flow Discount rate 2.5% - 3.3% (3.0%) Projected year of payment 2020 - 2023 Revenue-based payments Monte Carlo simulation Revenue volatility 22.0% Risk free rate Cost of debt structure Projected year of payment 2021 - 2022 Discounted cash flow Discount rate 2.2% - 10.0% (8.9%) Projected year of payment 2020 - 2029 The following table provides information regarding changes in the contingent consideration liabilities during the nine months ended September 27, 2020: Contingent consideration (Dollars in thousands) Balance - December 31, 2019 $ 219,908 Payments (1) (143,906) Revaluations (2) (54,585) Translation adjustment 199 Balance - September 27, 2020 $ 21,616 (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	9 Months Ended
	Sep. 27, 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 Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 (Shares in thousands) Basic 46,530 46,248 46,451 46,156 Dilutive effect of share-based awards 803 928 818 895 Diluted 47,333 47,176 47,269 47,051 The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.1 million the three and nine months ended September 27, 2020 and September 29, 2019. The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 27, 2020 and September 29, 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 (4,479) (109) 20,087 15,499 Amounts reclassified from accumulated other comprehensive income 1,021 4,180 — 5,201 Net current-period other comprehensive (loss) income (3,458) 4,071 20,087 20,700 Balance as of September 27, 2020 $ (2,723) $ (134,739) $ (186,230) $ (323,692) 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 income (loss) before reclassifications 646 215 (27,562) (26,701) Amounts reclassified from accumulated other comprehensive loss (748) 4,033 — 3,285 Net current-period other comprehensive income (102) 4,248 (27,562) (23,416) Balance as of September 29, 2019 $ 705 $ (127,132) $ (238,074) $ (364,501) 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 and nine months ended September 27, 2020 and September 29, 2019: Three Months Ended Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 (Dollars in thousands) (Gains) losses on foreign exchange contracts: Cost of goods sold $ 1,899 $ (523) $ 1,148 $ (888) Total before tax 1,899 (523) 1,148 (888) Taxes (155) 46 (127) 140 Net of tax $ 1,744 $ (477) $ 1,021 $ (748) Amortization of pension and other postretirement benefit items (1) : Actuarial losses $ 1,731 $ 1,716 $ 5,433 $ 5,194 Prior-service costs 9 21 25 65 Total before tax 1,740 1,737 5,458 5,259 Tax benefit (411) (405) (1,278) (1,226) Net of tax $ 1,329 $ 1,332 $ 4,180 $ 4,033 Total reclassifications, net of tax $ 3,073 $ 855 $ 5,201 $ 3,285 (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	9 Months Ended
	Sep. 27, 2020
Income Tax Disclosure [Abstract]
Taxes on income from continuing operations	Taxes on income from continuing operations Three Months Ended Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 Effective income tax rate (0.8)% (132.3)% 7.8% (48.4)% The effective income tax rates for the three and nine months ended September 27, 2020 reflect a significant net tax benefit related to share-based compensation. The effective income tax rates for the three and nine months ended September 29, 2019 reflect a discrete tax benefit related to the reduction of a deferred tax liability associated with foreign withholding taxes. Additionally, the effective income tax rate for the nine months ended September 29, 2019 reflects a significant net tax benefit related to share-based compensation.

Commitments and contingent liab

Commitments and contingent liabilities	9 Months Ended
	Sep. 27, 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 September 27, 2020, we have recorded $0.7 million and $5.7 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 September 27, 2020. The time frame over which the accrued amounts may be paid out, based on past history, is estimated to be 10-15 years. Legal matters: 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 September 27, 2020, we have recorded accrued liabilities of $0.2 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. In June 2020, we began producing documents and information in response to a Civil Investigative Demand (a “CID”) received in March 2020 by one of our subsidiaries, NeoTract, Inc. (“NeoTract”), from the U.S. Department of Justice through the United States Attorney’s Office for the Northern District of Georgia (collectively, the “DOJ”). The CID relates to the DOJ’s investigation of a single NeoTract customer, requires the production of documents and information pertaining to communications with, and certain rebate programs offered to, that customer and pertains to communications and activities occurring both prior to our acquisition of NeoTract in October 2017 and thereafter. In July 2020, the DOJ advised us that it had opened an investigation under the civil False Claims Act, 31 U.S.C. §3729, with respect to NeoTract’s operations broadly in addition to the customer investigation. We maintain policies and procedures to promote compliance with the Anti-Kickback Statute, False Claims Acts and other applicable laws and regulations and intend to provide information sought by the government. We cannot at this time reasonably predict, however, the ultimate scope or outcome of this matter, including whether an investigation may raise other compliance issues of interest, including those beyond the scope described above or how any such issues might be resolved. We also cannot at this time reasonably estimate any potential liabilities or penalty, if any, that may arise from this matter, which could have a material adverse effect on our results of operations and financial condition. Tax audits and examinations: We are routinely subject to tax examinations by various tax authorities. As of September 27, 2020, the most significant tax examination in process was in Germany. We may establish reserves with respect to our uncertain tax positions, after we adjust the reserves to address developments with respect to our uncertain tax positions, including developments in this tax examination. Accordingly, developments in tax audits and examinations, including resolution of uncertain tax positions, could result in increases or decreases to our recorded tax liabilities, which could impact our financial results.

Segment information

Segment information	9 Months Ended
	Sep. 27, 2020
Segment Reporting [Abstract]
Segment information	Segment information The following tables present our segment results for the three and nine months ended September 27, 2020 and September 29, 2019: Three Months Ended Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 (Dollars in thousands) Americas $ 375,040 $ 374,493 $ 1,045,532 $ 1,092,321 EMEA 135,649 140,518 423,416 442,110 Asia 68,213 77,864 188,411 213,869 OEM 49,399 55,444 168,618 166,110 Net revenues $ 628,301 $ 648,319 $ 1,825,977 $ 1,914,410 Three Months Ended Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 (Dollars in thousands) Americas $ 121,760 $ 81,405 $ 310,267 $ 229,513 EMEA 17,702 21,820 53,044 69,670 Asia 10,099 21,460 33,957 50,699 OEM 8,281 16,008 35,624 43,213 Total segment operating profit (1) 157,842 140,693 432,892 393,095 Unallocated expenses (2) (25,750) (23,072) (104,904) (92,773) Income from continuing operations before interest and taxes $ 132,092 $ 117,621 $ 327,988 $ 300,322 (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 and impairment charges and gain on sale of assets.

Subsequent event

Subsequent event	9 Months Ended
	Sep. 27, 2020
Subsequent Events [Abstract]
Subsequent event	Subsequent eventOn October 11, 2020, we executed a definitive agreement to acquire Z-Medica, LLC. ("Z-Medica"), a privately held medical device company that manufactures and sells hemostatic (hemorrhage control) products, which are marketed under the QuikClot, Combat Gauze and QuickClot Control+ brand names and will complement our anesthesia product portfolio. We will acquire Z-Medica for an initial cash purchase price of $500 million. The agreement also provides for an additional payment of up to $25 million upon the achievement of certain commercial milestones. The acquisition is subject to customary closing conditions, including receipt of certain regulatory approvals, and is expected to be completed in the fourth quarter of 2020. In anticipation of the expected completion of this transaction, in October 2020, we drew $500 million in additional borrowings under our revolving credit facility.

Recently issued accounting st_2

Recently issued accounting standards (Policies)	9 Months Ended
	Sep. 27, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently issued accounting standards	Recently issued accounting standardsIn June 2016 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. Under previous 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. 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.
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 and nine months ended September 27, 2020 intangible asset amortization expense of $21.2 million and $63.2 million, respectively, is included within costs of good sold. For the three and nine months ended September 29, 2019, we reclassified intangible asset amortization expense of $20.6 million and $62.1 million, respectively, from selling, general and administrative expenses to cost of goods sold for comparability. 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 through government-mandated and self-imposed shut-downs in many countries, which were implemented to protect individuals and control the spread of COVID-19. 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.

Net revenues (Tables)

Net revenues (Tables)	9 Months Ended
	Sep. 27, 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 and nine months ended September 27, 2020 and September 29, 2019. Three Months Ended Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 (Dollars in thousands) Vascular access $ 160,052 $ 148,681 $ 475,252 $ 446,225 Anesthesia 75,647 87,123 216,204 253,098 Interventional 93,187 106,883 275,704 314,852 Surgical 82,223 92,621 224,928 274,911 Interventional urology 81,773 73,629 196,114 201,312 OEM 49,399 55,444 168,618 166,110 Other (1) 86,020 83,938 269,157 257,902 Net revenues (2) $ 628,301 $ 648,319 $ 1,825,977 $ 1,914,410 (1) Includes 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 (credits) charges (Tables)	9 Months Ended
	Sep. 27, 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 (3) 2018 Footprint realignment plan 2014 Footprint realignment plan (4) Program expense estimates: (Dollars in millions) Termination benefits $16 to $20 $60 to $70 $12 to $13 Other costs (1) 2 to 2 2 to 4 1 to 2 Restructuring charges 18 to 22 62 to 74 13 to 15 Restructuring related charges (2) 40 to 45 40 to 59 38 to 40 Total restructuring and restructuring related charges $58 to $67 $102 to $133 $51 to $55 Other program estimates: Expected cash outlays $55 to $63 $99 to $127 $42 to $46 Expected capital expenditures $27 to $33 $19 to $23 $25 to $26 Other program information: Period initiated February 2019 May 2018 April 2014 Estimated period of substantial completion 2022 2022 (5) 2022 Aggregate restructuring charges $14.6 $59.1 $13.5 Restructuring reserve: Balance as of September 27, 2020 $7.9 $47.2 $3.7 Restructuring related charges incurred: Three Months Ended September 27, 2020 $4.3 $3.3 $1.0 Nine Months Ended September 27, 2020 $10.7 $6.0 $2.7 Aggregate restructuring related charges $17.3 $13.2 $35.0 (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 the restructuring related charges are expected to be recognized within cost of goods sold. (3) During the second quarter of 2020, we refined the disclosed ranges for the program expense and other program estimates in consideration of the progress made to date as well as the actions remaining. (4) During the second quarter of 2020, we delayed the timing of substantial completion from our prior estimate of 2021 due to an extension in the development and qualification timeline, identified during the second quarter of 2020, for a component to be included in certain of our kits sold by our anesthesia business in North America. The shift in timing also resulted in an increase in the total program cost estimate and related cash outlays and as a result, we increased the high end of the ranges by $3 million. With respect to capital expenditures, we have also refined the range. (5) We accelerated the timing of substantial completion from our prior estimate of 2024 to take advantage of an opportunity we identified during the second quarter of 2020 to accelerate the recognition of estimated savings.
Restructuring and Other Impairment Charges	Three Months Ended September 27, 2020 Termination benefits Other costs (1) Total (Dollars in thousands) 2020 Workforce reduction plan $ (471) $ 255 $ (216) 2019 Footprint realignment plan (785) 368 (417) 2018 Footprint realignment plan (3,006) 83 (2,923) Other restructuring programs (2) (151) 48 (103) Restructuring (credits) charges $ (4,413) $ 754 $ (3,659) Three Months Ended September 29, 2019 Termination benefits Other costs (1) Total (Dollars in thousands) 2019 Footprint realignment plan $ 584 $ 38 $ 622 2018 Footprint realignment plan 315 74 389 Other restructuring programs (3) 7 250 257 Restructuring charges $ 906 $ 362 $ 1,268 Nine Months Ended September 27, 2020 Termination benefits Other costs (1) Total (Dollars in thousands) 2020 Workforce reduction plan $ 10,093 $ 255 $ 10,348 2019 Footprint realignment plan 367 459 826 2018 Footprint realignment plan 4,853 216 5,069 Other restructuring programs (2) (89) 538 449 Restructuring charges $ 15,224 $ 1,468 $ 16,692 Nine Months Ended September 29, 2019 Termination benefits Other costs (1) Total (Dollars in thousands) 2019 Footprint realignment plan $ 13,100 $ 68 $ 13,168 2018 Footprint realignment plan (1,523) 782 (741) Other restructuring programs (3) 195 815 1,010 Restructuring charges 11,772 1,665 13,437 Asset impairment charges — 6,911 6,911 Restructuring and impairment charges $ 11,772 $ 8,576 $ 20,348 (1) Other costs include facility closure, contract termination and other exit costs. (2) Includes the program initiated during third quarter of 2019 as well as the 2016 and 2014 Footprint realignment plans. (3) Includes the program initiated during third quarter of 2019, the Vascular Solutions integration program (initiated in 2017) as well as the 2016 and 2014 Footprint realignment plans.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 27, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories as of September 27, 2020 and December 31, 2019 consisted of the following: September 27, 2020 December 31, 2019 (Dollars in thousands) Raw materials $ 135,059 $ 114,302 Work-in-process 73,375 71,479 Finished goods 317,691 290,776 Inventories $ 526,125 $ 476,557

Goodwill and other intangible_2

Goodwill and other intangible assets, net (Tables)	9 Months Ended
	Sep. 27, 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 nine months ended September 27, 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 — — — 107,127 107,127 Currency translation adjustment (2,824) 12,636 1,593 — 11,405 September 27, 2020 $ 1,548,101 $ 488,408 $ 215,318 $ 112,010 $ 2,363,837
Schedule of Finite-Lived Intangible Assets	The gross carrying amount of, and accumulated amortization relating to, intangible assets as of September 27, 2020 and December 31, 2019 were as follows: Gross Carrying Amount Accumulated Amortization September 27, 2020 December 31, 2019 September 27, 2020 December 31, 2019 (Dollars in thousands) Customer relationships $ 1,169,307 $ 1,021,852 $ (408,372) $ (367,585) In-process research and development 28,735 27,940 — — Intellectual property 1,394,676 1,351,990 (466,330) (402,340) Distribution rights 23,604 23,369 (19,829) (18,859) Trade names 566,532 563,315 (61,911) (50,718) Non-compete agreements 23,479 22,618 (20,961) (15,297) $ 3,206,333 $ 3,011,084 $ (977,403) $ (854,799)

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 27, 2020
Debt Disclosure [Abstract]
Components of Long-Term Debt	Our borrowings at September 27, 2020 and December 31, 2019 were as follows: September 27, 2020 December 31, 2019 (Dollars in thousands) Senior Credit Facility: Revolving credit facility, at a rate of 1.65% at September 27, 2020, due 2024 $ — $ 300,000 Term loan facility, at a rate of 1.65% at September 27, 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 4.25% Senior Notes due 2028 500,000 — Securitization program, at a rate of 1.25% at September 27, 2020 75,000 50,000 2,148,000 1,923,000 Less: Unamortized debt issuance costs (20,427) (14,057) 2,127,573 1,908,943 Current borrowings (91,750) (50,000) Long-term borrowings $ 2,035,823 $ 1,858,943

Financial instruments (Tables)

Financial instruments (Tables)	9 Months Ended
	Sep. 27, 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 September 27, 2020 and December 31, 2019: September 27, 2020 December 31, 2019 (Dollars in thousands) Asset derivatives: Designated foreign currency forward contracts $ 916 $ 1,659 Non-designated foreign currency forward contracts 81 192 Cross-currency interest rate swaps 25,796 21,575 Prepaid expenses and other current assets 26,793 23,426 Cross-currency interest rate swaps 6,113 13,066 Other assets 6,113 13,066 Total asset derivatives $ 32,906 $ 36,492 Liability derivatives: Designated foreign currency forward contracts $ 2,449 $ 1,285 Non-designated foreign currency forward contracts 223 102 Other current liabilities 2,672 1,387 Total liability derivatives $ 2,672 $ 1,387

Fair value measurement (Tables)

Fair value measurement (Tables)	9 Months Ended
	Sep. 27, 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 September 27, 2020 and December 31, 2019: Total carrying value at September 27, 2020 Quoted prices in active Significant other Significant (Dollars in thousands) Investments in marketable securities $ 11,155 $ 11,155 $ — $ — Derivative assets 32,906 — 32,906 — Derivative liabilities 2,672 — 2,672 — Contingent consideration liabilities 21,616 — — 21,616 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 2.5% - 3.3% (3.0%) Projected year of payment 2020 - 2023 Revenue-based payments Monte Carlo simulation Revenue volatility 22.0% Risk free rate Cost of debt structure Projected year of payment 2021 - 2022 Discounted cash flow Discount rate 2.2% - 10.0% (8.9%) 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 nine months ended September 27, 2020: Contingent consideration (Dollars in thousands) Balance - December 31, 2019 $ 219,908 Payments (1) (143,906) Revaluations (2) (54,585) Translation adjustment 199 Balance - September 27, 2020 $ 21,616 (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)	9 Months Ended
	Sep. 27, 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 Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 (Shares in thousands) Basic 46,530 46,248 46,451 46,156 Dilutive effect of share-based awards 803 928 818 895 Diluted 47,333 47,176 47,269 47,051
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 nine months ended September 27, 2020 and September 29, 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 (4,479) (109) 20,087 15,499 Amounts reclassified from accumulated other comprehensive income 1,021 4,180 — 5,201 Net current-period other comprehensive (loss) income (3,458) 4,071 20,087 20,700 Balance as of September 27, 2020 $ (2,723) $ (134,739) $ (186,230) $ (323,692) 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 income (loss) before reclassifications 646 215 (27,562) (26,701) Amounts reclassified from accumulated other comprehensive loss (748) 4,033 — 3,285 Net current-period other comprehensive income (102) 4,248 (27,562) (23,416) Balance as of September 29, 2019 $ 705 $ (127,132) $ (238,074) $ (364,501)
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 and nine months ended September 27, 2020 and September 29, 2019: Three Months Ended Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 (Dollars in thousands) (Gains) losses on foreign exchange contracts: Cost of goods sold $ 1,899 $ (523) $ 1,148 $ (888) Total before tax 1,899 (523) 1,148 (888) Taxes (155) 46 (127) 140 Net of tax $ 1,744 $ (477) $ 1,021 $ (748) Amortization of pension and other postretirement benefit items (1) : Actuarial losses $ 1,731 $ 1,716 $ 5,433 $ 5,194 Prior-service costs 9 21 25 65 Total before tax 1,740 1,737 5,458 5,259 Tax benefit (411) (405) (1,278) (1,226) Net of tax $ 1,329 $ 1,332 $ 4,180 $ 4,033 Total reclassifications, net of tax $ 3,073 $ 855 $ 5,201 $ 3,285 (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)	9 Months Ended
	Sep. 27, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate	Three Months Ended Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 Effective income tax rate (0.8)% (132.3)% 7.8% (48.4)%

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Sep. 27, 2020
Segment Reporting [Abstract]
Segment Results	The following tables present our segment results for the three and nine months ended September 27, 2020 and September 29, 2019: Three Months Ended Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 (Dollars in thousands) Americas $ 375,040 $ 374,493 $ 1,045,532 $ 1,092,321 EMEA 135,649 140,518 423,416 442,110 Asia 68,213 77,864 188,411 213,869 OEM 49,399 55,444 168,618 166,110 Net revenues $ 628,301 $ 648,319 $ 1,825,977 $ 1,914,410 Three Months Ended Nine Months Ended September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 (Dollars in thousands) Americas $ 121,760 $ 81,405 $ 310,267 $ 229,513 EMEA 17,702 21,820 53,044 69,670 Asia 10,099 21,460 33,957 50,699 OEM 8,281 16,008 35,624 43,213 Total segment operating profit (1) 157,842 140,693 432,892 393,095 Unallocated expenses (2) (25,750) (23,072) (104,904) (92,773) Income from continuing operations before interest and taxes $ 132,092 $ 117,621 $ 327,988 $ 300,322 (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 and impairment charges and gain on sale of assets.

Basis of presentation - Narrati

Basis of presentation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset amortization expense			$ 118,649	$ 112,661
Cost of Goods Sold
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset amortization expense	$ 21,200		$ 63,200
Cost of Goods Sold | Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset amortization expense		$ 20,600		62,100
Selling, General and Administrative Expenses | Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset amortization expense		$ (20,600)		$ (62,100)

Recently issued accounting st_3

Recently issued accounting standards (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 27, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
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	9 Months Ended
	Sep. 27, 2020
Hospitals And Healthcare Providers
Concentration Risk [Line Items]
Percentage of total revenue	87.00%
Other Medical Device Manufacturers
Concentration Risk [Line Items]
Percentage of total revenue	10.00%
Home Care Providers
Concentration Risk [Line Items]
Percentage of total revenue	3.00%

Net revenues Other revenues (De

Net revenues Other revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Revenue, Major Customer [Line Items]
Net revenues	$ 628,301	$ 648,319	$ 1,825,977	$ 1,914,410
Vascular access
Revenue, Major Customer [Line Items]
Net revenues	160,052	148,681	475,252	446,225
Anesthesia
Revenue, Major Customer [Line Items]
Net revenues	75,647	87,123	216,204	253,098
Interventional
Revenue, Major Customer [Line Items]
Net revenues	93,187	106,883	275,704	314,852
Surgical
Revenue, Major Customer [Line Items]
Net revenues	82,223	92,621	224,928	274,911
Interventional urology
Revenue, Major Customer [Line Items]
Net revenues	81,773	73,629	196,114	201,312
OEM
Revenue, Major Customer [Line Items]
Net revenues	49,399	55,444	168,618	166,110
Other
Revenue, Major Customer [Line Items]
Net revenues	$ 86,020	$ 83,938	$ 269,157	$ 257,902

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Feb. 18, 2020	Sep. 27, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 2,363,837	$ 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 impairment _3

Restructuring and impairment (credits) charges - Expected Costs to be Incurred (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Jun. 28, 2020	Sep. 27, 2020
2019 Footprint realignment plan
Restructuring Cost and Reserve [Line Items]
Aggregate restructuring charges			$ 14.6
Restructuring reserve	$ 7.9		7.9
Restructuring expenses	4.3		10.7
Aggregate restructuring related charges			17.3
2019 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	58		58
Expected cash outlays	55		55
Expected capital expenditures	27		27
2019 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	67		67
Expected cash outlays	63		63
Expected capital expenditures	33		33
2018 Footprint realignment plan
Restructuring Cost and Reserve [Line Items]
Aggregate restructuring charges			59.1
Restructuring reserve	47.2		47.2
Restructuring expenses	3.3		6
Aggregate restructuring related charges			13.2
2018 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	102		102
Expected cash outlays	99		99
Expected capital expenditures	19		19
2018 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	133		133
Expected cash outlays	127		127
Expected capital expenditures	23		23
2014 Footprint realignment plan
Restructuring Cost and Reserve [Line Items]
Aggregate restructuring charges			13.5
Restructuring reserve	3.7		3.7
Restructuring expenses	1		2.7
Aggregate restructuring related charges			35
Increase (decrease) in restructuring reserve		$ 3
2014 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	51		51
Expected cash outlays	42		42
Expected capital expenditures	25		25
2014 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	55		55
Expected cash outlays	46		46
Expected capital expenditures	26		26
Termination benefits | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	10		10
Termination benefits | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	13		13
Termination benefits | 2019 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	16		16
Termination benefits | 2019 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	20		20
Termination benefits | 2018 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	60		60
Termination benefits | 2018 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	70		70
Termination benefits | 2014 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	12		12
Termination benefits | 2014 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	13		13
Other Restructuring costs | 2019 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	2		2
Other Restructuring costs | 2019 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	2		2
Other Restructuring costs | 2018 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	2		2
Other Restructuring costs | 2018 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	4		4
Other Restructuring costs | 2014 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	1		1
Other Restructuring costs | 2014 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	2		2
Special Termination Benefit And Other Restructuring | 2019 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	18		18
Special Termination Benefit And Other Restructuring | 2019 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	22		22
Special Termination Benefit And Other Restructuring | 2018 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	62		62
Special Termination Benefit And Other Restructuring | 2018 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	74		74
Special Termination Benefit And Other Restructuring | 2014 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	13		13
Special Termination Benefit And Other Restructuring | 2014 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	15		15
Accelerated Depreciation And Other Costs | 2019 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	40		40
Accelerated Depreciation And Other Costs | 2019 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	45		45
Accelerated Depreciation And Other Costs | 2018 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	40		40
Accelerated Depreciation And Other Costs | 2018 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	59		59
Accelerated Depreciation And Other Costs | 2014 Footprint realignment plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	38		38
Accelerated Depreciation And Other Costs | 2014 Footprint realignment plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 40		$ 40

Restructuring and impairment _4

Restructuring and impairment (credits) charges - Charges Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (3,659)	$ 1,268	$ 16,692	$ 13,437
Asset impairment charges				6,911
Restructuring and impairment charges	(3,659)	1,268	16,692	20,348
Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(4,413)	906	15,224	11,772
Asset impairment charges				0
Restructuring and impairment charges				11,772
Other Restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	754	362	1,468	1,665
Asset impairment charges				6,911
Restructuring and impairment charges				8,576
2020 Workforce reduction plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(216)		10,348
2020 Workforce reduction plan | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(471)		10,093
2020 Workforce reduction plan | Other Restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	255		255
2019 Footprint realignment plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(417)	622	826	13,168
2019 Footprint realignment plan | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(785)	584	367	13,100
2019 Footprint realignment plan | Other Restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	368	38	459	68
2018 Footprint realignment plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(2,923)	389	5,069	(741)
2018 Footprint realignment plan | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(3,006)	315	4,853	(1,523)
2018 Footprint realignment plan | Other Restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	83	74	216	782
Other restructuring programs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(103)	257	449	1,010
Other restructuring programs | Termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(151)	7	(89)	195
Other restructuring programs | Other Restructuring costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 48	$ 250	$ 538	$ 815

Restructuring and impairment _5

Restructuring and impairment (credits) charges - Additional Information (Detail) - Termination benefits $ in Millions	Sep. 27, 2020USD ($)
Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 10
Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	$ 13

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 135,059	$ 114,302
Work-in-process	73,375	71,479
Finished goods	317,691	290,776
Inventories	$ 526,125	$ 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	9 Months Ended
	Sep. 27, 2020USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,245,305
Goodwill related to acquisitions	107,127
Currency translation adjustment	11,405
Goodwill, ending balance	2,363,837
Americas
Goodwill [Roll Forward]
Goodwill, beginning balance	1,550,925
Goodwill related to acquisitions	0
Currency translation adjustment	(2,824)
Goodwill, ending balance	1,548,101
EMEA
Goodwill [Roll Forward]
Goodwill, beginning balance	475,772
Goodwill related to acquisitions	0
Currency translation adjustment	12,636
Goodwill, ending balance	488,408
Asia
Goodwill [Roll Forward]
Goodwill, beginning balance	213,725
Goodwill related to acquisitions	0
Currency translation adjustment	1,593
Goodwill, ending balance	215,318
OEM
Goodwill [Roll Forward]
Goodwill, beginning balance	4,883
Goodwill related to acquisitions	107,127
Currency translation adjustment	0
Goodwill, ending balance	$ 112,010

Goodwill and other intangible_4

Goodwill and other intangible assets, net - Components of intangible assets (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 3,206,333	$ 3,011,084
Accumulated Amortization	(977,403)	(854,799)
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	28,735	27,940
Accumulated Amortization	0	0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	1,169,307	1,021,852
Accumulated Amortization	(408,372)	(367,585)
Intellectual property
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	1,394,676	1,351,990
Accumulated Amortization	(466,330)	(402,340)
Distribution rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	23,604	23,369
Accumulated Amortization	(19,829)	(18,859)
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	566,532	563,315
Accumulated Amortization	(61,911)	(50,718)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	23,479	22,618
Accumulated Amortization	$ (20,961)	$ (15,297)

Borrowings - Components of long

Borrowings - Components of long-term debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	May 27, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,148,000		$ 1,923,000
Less: Unamortized debt issuance costs	(20,427)		(14,057)
Total long-term debt	2,127,573		1,908,943
Current borrowings	(91,750)		(50,000)
Long-term borrowings	2,035,823		1,858,943
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit	$ 0		300,000
Line of credit facility interest rate	1.65%
Term Loan
Debt Instrument [Line Items]
Long-term line of credit	$ 673,000		673,000
Line of credit facility interest rate	1.65%
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%
Senior Notes | 4.25% Senior Notes due 2028
Debt Instrument [Line Items]
Senior notes	$ 500,000	$ 500,000	0
Debt instrument, stated interest rate	4.25%	4.25%
Securitization program
Debt Instrument [Line Items]
Securitization program	$ 75,000		$ 50,000
Debt instrument, stated interest rate	1.25%

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 27, 2020	May 27, 2020	Mar. 30, 2020	Mar. 29, 2020	Dec. 31, 2019
4.25% Senior Notes due 2028 | Minimum
Line of Credit Facility [Line Items]
Declining percent of redemption price to principal amount	1.0625%
4.25% Senior Notes due 2028 | Maximum
Line of Credit Facility [Line Items]
Declining percent of redemption price to principal amount	100.00%
Senior Notes | 4.25% Senior Notes due 2028
Line of Credit Facility [Line Items]
Senior notes	$ 500,000,000	$ 500,000,000			$ 0
Debt instrument, stated interest rate	4.25%	4.25%
Debt issuance, line of credit	$ 8,400,000
Percent of redemption price to principal amount	102.125%
Debt instrument, redemption price, percentage	100.00%
Basis spread on variable rate	0.50%
Senior Notes | 4.25% Senior Notes due 2028 | Debt Instrument Redemption Prior To June 1, 2023
Line of Credit Facility [Line Items]
Debt instrument, redemption price, percentage	104.25%
Make whole premium as percentage of principal amount of notes subject to redemption	1.00%
Percent of redemption price to principal amount on redemption	40.00%
Securitization program
Line of Credit Facility [Line Items]
Debt instrument, stated interest rate	1.25%
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		9 Months Ended
	Sep. 27, 2020USD ($)	Sep. 29, 2019USD ($)	Sep. 27, 2020USD ($)	Sep. 29, 2019USD ($)	Dec. 31, 2019USD ($)	Mar. 04, 2019USD ($)Financial_Institution_Counterparty	Mar. 04, 2019EUR (€)Financial_Institution_Counterparty	Oct. 04, 2018USD ($)Financial_Institution_Counterparty	Oct. 04, 2018EUR (€)Financial_Institution_Counterparty
Derivatives Fair Value [Line Items]
Foreign currency translation gain (loss), continuing operations, adjustments, net of tax	$ (20,632,000)	$ 39,894,000	$ (20,087,000)	$ 27,562,000
Interest benefit on swaps designated as net investment hedges			14,488,000	13,820,000
Allowance for doubtful accounts receivable	12,900,000		12,900,000		$ 9,100,000
Allowance for doubtful accounts receivable, current	8,400,000		8,400,000		5,300,000
Cash flow hedging
Derivatives Fair Value [Line Items]
Ineffectiveness related to derivatives	0	0	0	0
Foreign exchange contract | Not Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Loss related to currency forward contracts	900,000	1,900,000	100,000	3,500,000
Total notional amount for all open foreign currency forward contracts	166,200,000		166,200,000		145,100,000
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	136,900,000		136,900,000		$ 132,000,000
Cross-currency interest rate swaps | Cash flow hedging
Derivatives Fair Value [Line Items]
Foreign currency translation gain (loss), continuing operations, adjustments, net of tax	23,200,000	(23,500,000)	5,600,000	(29,400,000)
Cross-currency interest rate swaps | Not Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Interest benefit on swaps designated as net investment hedges	$ 4,700,000	$ 5,000,000	$ 14,500,000	$ 13,800,000
Cross-currency interest rate swaps | Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Total notional amount for all open foreign currency forward contracts						$ 250,000,000	€ 219.2	$ 500,000,000	€ 433.9
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%

Financial instruments - Fair va

Financial instruments - Fair values of derivative instruments designated as hedging instruments (Details) - Cash flow hedging - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Total asset derivatives	$ 32,906	$ 36,492
Total liability derivatives	2,672	1,387
Other assets
Derivatives Fair Value [Line Items]
Total asset derivatives	6,113	13,066
Foreign exchange contract | Prepaid expenses and other current assets
Derivatives Fair Value [Line Items]
Total asset derivatives	26,793	23,426
Foreign exchange contract | Other current liabilities
Derivatives Fair Value [Line Items]
Total liability derivatives	2,672	1,387
Foreign exchange contract | Designated as Hedging Instrument | Prepaid expenses and other current assets
Derivatives Fair Value [Line Items]
Total asset derivatives	916	1,659
Foreign exchange contract | Designated as Hedging Instrument | Other current liabilities
Derivatives Fair Value [Line Items]
Total liability derivatives	2,449	1,285
Foreign exchange contract | Not Designated as Hedging Instrument | Prepaid expenses and other current assets
Derivatives Fair Value [Line Items]
Total asset derivatives	81	192
Foreign exchange contract | Not Designated as Hedging Instrument | Other current liabilities
Derivatives Fair Value [Line Items]
Total liability derivatives	223	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	25,796	21,575
Cross-currency interest rate swaps | Not Designated as Hedging Instrument | Other assets
Derivatives Fair Value [Line Items]
Total asset derivatives	$ 6,113	$ 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	Sep. 27, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Investments in marketable securities	$ 11,155	$ 10,926
Derivative assets	32,906	36,492
Derivative liabilities	2,672	1,387
Contingent consideration liabilities	21,616	219,908
Quoted prices in active markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Investments in marketable securities	11,155	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	32,906	36,492
Derivative liabilities	2,672	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	$ 21,616	$ 219,908

Fair value measurement - Valuat

Fair value measurement - Valuation technique and inputs used in determining the fair value of contingent consideration (Details)	Sep. 27, 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	0.025
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	0.033
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	0.030
Revenue-based payments | Monte Carlo simulation | Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.220
Revenue-based payments | Minimum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.022
Revenue-based payments | Maximum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.100
Revenue-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	0.089

Fair value measurement - Reconc

Fair value measurement - Reconciliation of changes in financial liabilities measured on recurring basis (Details) $ in Thousands	9 Months Ended
	Sep. 27, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 219,908
Payments	(143,906)
Revaluations	(54,585)
Translation adjustment	199
Ending balance	21,616
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		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 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	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		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Equity [Abstract]
Basic (in shares)	46,530	46,248	46,451	46,156
Dilutive effect of share-based awards (in shares)	803	928	818	895
Diluted (in shares)	47,333	47,176	47,269	47,051

Shareholders' equity - Change i

Shareholders' equity - Change in accumulated other comprehensive income, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 3,097,402	$ 2,664,844	$ 2,979,320	$ 2,539,978
Amounts reclassified from accumulated other comprehensive income	3,073	855	5,201	3,285
Ending Balance	3,236,203	2,852,976	3,236,203	2,852,976
Cash Flow Hedges
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			735	807
Other comprehensive (loss) income before reclassifications			(4,479)	646
Amounts reclassified from accumulated other comprehensive income			1,021	(748)
Net current-period other comprehensive (loss) income			(3,458)	(102)
Ending Balance	(2,723)	705	(2,723)	705
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			(109)	215
Amounts reclassified from accumulated other comprehensive income	1,329	1,332	4,180	4,033
Net current-period other comprehensive (loss) income			4,071	4,248
Ending Balance	(134,739)	(127,132)	(134,739)	(127,132)
Foreign Currency Translation Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			(206,317)	(210,512)
Other comprehensive (loss) income before reclassifications			20,087	(27,562)
Amounts reclassified from accumulated other comprehensive income			0	0
Net current-period other comprehensive (loss) income			20,087	(27,562)
Ending Balance	(186,230)	(238,074)	(186,230)	(238,074)
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(346,815)	(325,907)	(344,392)	(341,085)
Other comprehensive (loss) income before reclassifications			15,499	(26,701)
Amounts reclassified from accumulated other comprehensive income			5,201	3,285
Net current-period other comprehensive (loss) income			20,700	(23,416)
Ending Balance	$ (323,692)	$ (364,501)	$ (323,692)	$ (364,501)

Shareholders' equity - Accumula

Shareholders' equity - Accumulated other comprehensive income into income expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of goods sold	$ 298,977	$ 293,244	$ 884,657	$ 883,127
Total before tax	(115,654)	(98,546)	(281,171)	(238,608)
(Benefit) taxes on income from continuing operations	(951)	(130,383)	21,971	(115,567)
Net of tax	(116,605)	(228,929)	(259,200)	(354,175)
Total reclassifications, net of tax	3,073	855	5,201	3,285
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total reclassifications, net of tax			1,021	(748)
Actuarial losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	1,731	1,716	5,433	5,194
Prior-service costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	9	21	25	65
Pension and Other Postretirement Benefits Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	1,740	1,737	5,458	5,259
Tax benefit	(411)	(405)	(1,278)	(1,226)
Total reclassifications, net of tax	1,329	1,332	4,180	4,033
Reclassification out of Accumulated Other Comprehensive Income | Foreign exchange contract | Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of goods sold	1,899	(523)	1,148	(888)
Total before tax	1,899	(523)	1,148	(888)
(Benefit) taxes on income from continuing operations	(155)	46	(127)	140
Net of tax	$ 1,744	$ (477)	$ 1,021	$ (748)

Taxes on income from continui_3

Taxes on income from continuing operations (Details)	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.80%)	(132.30%)	7.80%	(48.40%)

Commitments and contingent li_2

Commitments and contingent liabilities (Detail) $ in Millions	9 Months Ended
	Sep. 27, 2020USD ($)
Loss Contingencies [Line Items]
Estimated litigation liability	$ 0.2
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	$ 5.7

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 628,301	$ 648,319	$ 1,825,977	$ 1,914,410
Operating profit	132,092	117,621	327,988	300,322
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	157,842	140,693	432,892	393,095
Unallocated expenses
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	(25,750)	(23,072)	(104,904)	(92,773)
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	375,040	374,493	1,045,532	1,092,321
Americas | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	121,760	81,405	310,267	229,513
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	135,649	140,518	423,416	442,110
EMEA | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	17,702	21,820	53,044	69,670
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	68,213	77,864	188,411	213,869
Asia | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	10,099	21,460	33,957	50,699
OEM
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	49,399	55,444	168,618	166,110
OEM | Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating profit	$ 8,281	$ 16,008	$ 35,624	$ 43,213

Subsequent event (Details)

Subsequent event (Details) - Subsequent event - USD ($) $ in Millions	Oct. 11, 2020	Oct. 31, 2020
Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from lines of credit		$ 500
Z-Medica, LLC
Subsequent Event [Line Items]
Payments to acquire businesses, gross	$ 500
Maximum additional payment upon completion of certain milestones	$ 25