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As Of Filer Filing For·On·As Docs:Size 7/28/22 Teleflex Inc. 10-Q 6/26/22 65:6.5M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.54M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 23K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 23K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 20K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 20K 11: R1 Cover Page HTML 71K 12: R2 Condensed Consolidated Statements of Income HTML 142K 13: R3 Condensed Consolidated Statements of Comprehensive HTML 51K Income 14: R4 Condensed Consolidated Statements of Comprehensive HTML 27K Income (Parenthetical) 15: R5 Condensed Consolidated Balance Sheets HTML 123K 16: R6 Condensed Consolidated Statements of Cash Flows HTML 130K 17: R7 Condensed Consolidated Statements of Changes in HTML 92K Equity 18: R8 Condensed Consolidated Statements of Changes in HTML 20K Equity (Parenthetical) 19: R9 Basis of presentation HTML 23K 20: R10 Recently issued accounting standards HTML 30K 21: R11 Net revenues HTML 44K 22: R12 Acquisition and Divestiture HTML 24K 23: R13 Restructuring and impairment charges HTML 100K 24: R14 Inventories HTML 26K 25: R15 Goodwill and other intangible assets HTML 53K 26: R16 Financial instruments HTML 50K 27: R17 Fair value measurement HTML 44K 28: R18 Shareholders' equity HTML 86K 29: R19 Taxes on income from continuing operations HTML 28K 30: R20 Commitments and contingent liabilities HTML 29K 31: R21 Segment information HTML 57K 32: R22 Recently issued accounting standards (Policies) HTML 25K 33: R23 Net revenues (Tables) HTML 40K 34: R24 Restructuring and impairment charges (Tables) HTML 101K 35: R25 Inventories (Tables) HTML 27K 36: R26 Goodwill and other intangible assets, net (Tables) HTML 59K 37: R27 Financial instruments (Tables) HTML 47K 38: R28 Fair value measurement (Tables) HTML 41K 39: R29 Shareholders' equity (Tables) HTML 85K 40: R30 Taxes on income from continuing operations HTML 25K (Tables) 41: R31 Segment information (Tables) HTML 54K 42: R32 Net revenues (Details) HTML 29K 43: R33 Net revenues - Other revenues (Details) HTML 40K 44: R34 Acquisition and Divestiture (Details) HTML 48K 45: R35 Restructuring and impairment charges - Expected HTML 86K costs to be incurred (Details) 46: R36 Restructuring and impairment charges - Charges HTML 58K recognized (Detail) 47: R37 Inventories (Detail) HTML 27K 48: R38 Goodwill and other intangible assets, net - HTML 35K Changes in carrying amount of goodwill, by reporting segment (Details) 49: R39 Goodwill and other intangible assets, net - HTML 42K Components of intangible assets (Details) 50: R40 Financial instruments - Additional information HTML 54K (Details) 51: R41 Financial instruments - Foreign exchange gains and HTML 31K losses recognized within AOCI and the interest benefit recognized within interest expense (Details) 52: R42 Financial instruments - Fair values of derivative HTML 44K instruments designated as hedging instruments (Details) 53: R43 Fair value measurement - Financial assets and HTML 38K liabilities carried at fair value measured on recurring basis (Details) 54: R44 Shareholders' equity - Reconciliation of basic to HTML 27K diluted weighted average common shares outstanding (Details) 55: R45 Shareholders' equity - Additional information HTML 21K (Details) 56: R46 Shareholders' equity - Change in accumulated other HTML 47K comprehensive income, net of tax (Details) 57: R47 Shareholders' equity - Accumulated other HTML 61K comprehensive income into income expense (Details) 58: R48 Taxes on income from continuing operations HTML 20K (Details) 59: R49 Commitments and contingent liabilities (Detail) HTML 41K 60: R50 Segment information (Details) HTML 47K 63: XML IDEA XML File -- Filing Summary XML 113K 61: XML XBRL Instance -- tfx-20220626_htm XML 2.01M 62: EXCEL IDEA Workbook of Financial Reports XLSX 107K 7: EX-101.CAL XBRL Calculations -- tfx-20220626_cal XML 163K 8: EX-101.DEF XBRL Definitions -- tfx-20220626_def XML 378K 9: EX-101.LAB XBRL Labels -- tfx-20220626_lab XML 1.13M 10: EX-101.PRE XBRL Presentations -- tfx-20220626_pre XML 660K 6: EX-101.SCH XBRL Schema -- tfx-20220626 XSD 108K 64: JSON XBRL Instance as JSON Data -- MetaLinks 320± 474K 65: ZIP XBRL Zipped Folder -- 0000096943-22-000092-xbrl Zip 309K
tfx-20220626 |
(Mark One) | |||||
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 23-1147939 | |||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. employer identification no.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
i Common Stock, par value $1.00 per share | i TFX | i New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | |||||||||||||||||
Emerging growth company | i ☐ |
Page | ||||||||||||||
Item 1: | ||||||||||||||
Item 2: | ||||||||||||||
Item 3: | ||||||||||||||
Item 4: | ||||||||||||||
Item 1: | ||||||||||||||
Item 1A: | ||||||||||||||
Item 2: | ||||||||||||||
Item 3: | ||||||||||||||
Item 4: | ||||||||||||||
Item 5: | ||||||||||||||
Item 6: | ||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
(Dollars and shares in thousands, except per share) | |||||||||||||||||||||||
Net revenues | $ | i 704,542 | $ | i 713,473 | $ | i 1,346,257 | $ | i 1,347,398 | |||||||||||||||
Cost of goods sold | i 315,709 | i 315,917 | i 611,191 | i 605,315 | |||||||||||||||||||
Gross profit | i 388,833 | i 397,556 | i 735,066 | i 742,083 | |||||||||||||||||||
Selling, general and administrative expenses | i 216,825 | i 224,159 | i 420,757 | i 427,307 | |||||||||||||||||||
Research and development expenses | i 36,934 | i 33,283 | i 73,294 | i 63,230 | |||||||||||||||||||
Restructuring and impairment (credits) charges | ( i 83) | i 11,494 | i 2,322 | i 19,492 | |||||||||||||||||||
Income from continuing operations before interest and taxes | i 135,157 | i 128,620 | i 238,693 | i 232,054 | |||||||||||||||||||
Interest expense | i 11,419 | i 16,171 | i 21,837 | i 32,969 | |||||||||||||||||||
Interest income | ( i 229) | ( i 232) | ( i 451) | ( i 891) | |||||||||||||||||||
Loss on extinguishment of debt | i — | i 12,986 | i — | i 12,986 | |||||||||||||||||||
Income from continuing operations before taxes | i 123,967 | i 99,695 | i 217,307 | i 186,990 | |||||||||||||||||||
Taxes on income from continuing operations | i 18,412 | i 16,412 | i 34,385 | i 28,840 | |||||||||||||||||||
Income from continuing operations | i 105,555 | i 83,283 | i 182,922 | i 158,150 | |||||||||||||||||||
Operating loss from discontinued operations | ( i 54) | ( i 46) | ( i 348) | ( i 47) | |||||||||||||||||||
Tax benefit on operating loss from discontinued operations | ( i 13) | ( i 11) | ( i 81) | ( i 11) | |||||||||||||||||||
Loss from discontinued operations | ( i 41) | ( i 35) | ( i 267) | ( i 36) | |||||||||||||||||||
Net income | $ | i i 105,514 / | $ | i 83,248 | $ | i 182,655 | $ | i 158,114 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Income from continuing operations | $ | i 2.25 | $ | i 1.78 | $ | i 3.90 | $ | i 3.39 | |||||||||||||||
Loss from discontinued operations | i — | i — | i — | ( i 0.01) | |||||||||||||||||||
Net income | $ | i 2.25 | $ | i 1.78 | $ | i 3.90 | $ | i 3.38 | |||||||||||||||
Diluted: | |||||||||||||||||||||||
Income from continuing operations | $ | i 2.23 | $ | i 1.76 | $ | i 3.86 | $ | i 3.34 | |||||||||||||||
Loss from discontinued operations | i — | i — | i — | ( i 0.01) | |||||||||||||||||||
Net income | $ | i 2.23 | $ | i 1.76 | $ | i 3.86 | $ | i 3.33 | |||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Basic | i 46,901 | i 46,741 | i 46,889 | i 46,719 | |||||||||||||||||||
Diluted | i 47,347 | i 47,433 | i 47,374 | i 47,420 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Net income | $ | i 105,514 | $ | i 83,248 | $ | i 182,655 | $ | i 158,114 | |||||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||
Foreign currency translation, net of tax of $( i 6,688), $ i 1,002,
$( i 7,823), and $ i 404
for the three and six months periods, respectively | ( i 45,053) | i 6,080 | ( i 68,382) | ( i 17,995) | |||||||||||||||||||
Pension
and other postretirement benefit plans adjustment, net of tax of $( i 647), $( i 390),
$( i 1,146), and $( i 903)
for the three and six months periods, respectively | i 2,026 | i 1,298 | i 3,612 | i 2,909 | |||||||||||||||||||
Derivatives
qualifying as hedges, net of tax of $( i 104), $ i 39,
$( i 134), and $ i 72
for the three and six months periods, respectively | i 2,577 | i 397 | i 3,034 | i 424 | |||||||||||||||||||
Other comprehensive (loss) income, net of tax: | ( i 40,450) | i 7,775 | ( i 61,736) | ( i 14,662) | |||||||||||||||||||
Comprehensive income | $ | i 65,064 | $ | i 91,023 | $ | i 120,919 | $ | i 143,452 |
June 26, 2022 | December 31, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | i 308,121 | $ | i 445,084 | |||||||
Accounts receivable, net | i 415,297 | i 383,569 | |||||||||
Inventories | i 510,531 | i 477,643 | |||||||||
Prepaid expenses and other current assets | i 112,595 | i 117,277 | |||||||||
Prepaid taxes | i 38,801 | i 5,545 | |||||||||
Total current assets | i 1,385,345 | i 1,429,118 | |||||||||
Property, plant and equipment, net | i 429,372 | i 443,758 | |||||||||
Operating lease assets | i 118,620 | i 129,653 | |||||||||
Goodwill | i 2,461,083 | i 2,504,202 | |||||||||
Intangible assets, net | i 2,226,875 | i 2,289,067 | |||||||||
Deferred tax assets | i 6,243 | i 6,820 | |||||||||
Other assets | i 104,308 | i 69,104 | |||||||||
Total assets | $ | i 6,731,846 | $ | i 6,871,722 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Current borrowings | $ | i 110,000 | $ | i 110,000 | |||||||
Accounts payable | i 121,418 | i 118,236 | |||||||||
Accrued expenses | i 151,715 | i 163,441 | |||||||||
Payroll and benefit-related liabilities | i 114,384 | i 143,657 | |||||||||
Accrued interest | i 4,751 | i 5,209 | |||||||||
Income taxes payable | i 52,174 | i 83,943 | |||||||||
Other current liabilities | i 56,004 | i 55,633 | |||||||||
Total current liabilities | i 610,446 | i 680,119 | |||||||||
Long-term borrowings | i 1,605,954 | i 1,740,102 | |||||||||
Deferred tax liabilities | i 379,931 | i 370,124 | |||||||||
Pension and postretirement benefit liabilities | i 42,097 | i 45,185 | |||||||||
Noncurrent liability for uncertain tax positions | i 8,543 | i 8,646 | |||||||||
Noncurrent operating lease liabilities | i 104,702 | i 116,033 | |||||||||
Other liabilities | i 127,443 | i 156,765 | |||||||||
Total liabilities | i 2,879,116 | i 3,116,974 | |||||||||
Commitments and contingencies | i | i | |||||||||
Total shareholders' equity | i 3,852,730 | i 3,754,748 | |||||||||
Total liabilities and shareholders' equity | $ | i 6,731,846 | $ | i 6,871,722 |
Six Months Ended | |||||||||||
June 26, 2022 | June 27, 2021 | ||||||||||
(Dollars in thousands) | |||||||||||
Cash flows from operating activities of continuing operations: | |||||||||||
Net income | $ | i 182,655 | $ | i 158,114 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Loss from discontinued operations | i 267 | i 36 | |||||||||
Depreciation expense | i 33,499 | i 35,982 | |||||||||
Intangible asset amortization expense | i 81,137 | i 83,867 | |||||||||
Deferred financing costs and debt discount amortization expense | i 2,103 | i 2,388 | |||||||||
Loss on extinguishment of debt | i — | i 12,986 | |||||||||
Fair value step up of acquired inventory sold | i — | i 3,993 | |||||||||
Changes in contingent consideration | i 145 | i 11,428 | |||||||||
Asset impairment charges | i 1,497 | i 6,739 | |||||||||
Stock-based compensation | i 12,801 | i 11,693 | |||||||||
Deferred income taxes, net | i 937 | i 1,050 | |||||||||
Payments for contingent consideration | ( i 2,722) | i — | |||||||||
Interest benefit on swaps designated as net investment hedges | ( i 10,145) | ( i 9,126) | |||||||||
Other | ( i 1,779) | ( i 16,679) | |||||||||
Changes in assets and liabilities, net of effects of acquisitions and disposals: | |||||||||||
Accounts receivable | ( i 43,939) | ( i 23,159) | |||||||||
Inventories | ( i 48,682) | ( i 13,648) | |||||||||
Prepaid expenses and other assets | i 15,464 | ( i 16,551) | |||||||||
Accounts payable, accrued expenses and other liabilities | ( i 38,722) | i 32,625 | |||||||||
Income taxes receivable and payable, net | ( i 82,657) | ( i 16,663) | |||||||||
Net cash provided by operating activities from continuing operations | i 101,859 | i 265,075 | |||||||||
Cash flows from investing activities of continuing operations: | |||||||||||
Expenditures for property, plant and equipment | ( i 32,445) | ( i 36,659) | |||||||||
Proceeds from sale of business and assets | i 530 | i 404 | |||||||||
Payments for businesses and intangibles acquired, net of cash acquired | ( i 22,971) | ( i 3,539) | |||||||||
Deposits | i — | ( i 1,250) | |||||||||
Net interest proceeds on swaps designated as net investment hedges | i 10,314 | i 9,288 | |||||||||
Net cash used in investing activities from continuing operations | ( i 44,572) | ( i 31,756) | |||||||||
Cash flows from financing activities of continuing operations: | |||||||||||
Proceeds from new borrowings | i — | i 400,000 | |||||||||
Reduction in borrowings | ( i 135,500) | ( i 575,000) | |||||||||
Debt extinguishment, issuance and amendment fees | i — | ( i 9,774) | |||||||||
Net (payments) proceeds from share based compensation plans and related tax impacts | ( i 4,366) | i 6,339 | |||||||||
Payments for contingent consideration | ( i 3,012) | ( i 30,489) | |||||||||
Dividends paid | ( i 31,892) | ( i 31,793) | |||||||||
Net cash used in financing activities from continuing operations | ( i 174,770) | ( i 240,717) | |||||||||
Cash flows from discontinued operations: | |||||||||||
Net cash used in operating activities | ( i 280) | ( i 371) | |||||||||
Net cash used in discontinued operations | ( i 280) | ( i 371) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( i 19,200) | ( i 6,330) | |||||||||
Net decrease in cash and cash equivalents | ( i 136,963) | ( i 14,099) | |||||||||
Cash and cash equivalents at the beginning of the period | i 445,084 | i 375,880 | |||||||||
Cash and cash equivalents at the end of the period | $ | i 308,121 | $ | i 361,781 | |||||||
Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars and shares in thousands, except per share) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | i 47,929 | $ | i 47,929 | $ | i 693,090 | $ | i 3,517,954 | $ | ( i 346,959) | i 1,069 | $ | ( i 157,266) | $ | i 3,754,748 | |||||||||||||||||||||||||||||||||
Net income | i 77,141 | i 77,141 | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends ($ i 0.34 per share) | ( i 15,946) | ( i 15,946) | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( i 21,286) | ( i 21,286) | |||||||||||||||||||||||||||||||||||||||||||||
Shares issued under compensation plans | i 5 | i 5 | ( i 950) | ( i 27) | i 894 | ( i 51) | |||||||||||||||||||||||||||||||||||||||||
Deferred compensation | — | — | i 100 | ( i 5) | i 828 | i 928 | |||||||||||||||||||||||||||||||||||||||||
Balance
at March 27, 2022 | i 47,934 | i 47,934 | i 692,240 | i 3,579,149 | ( i 368,245) | i 1,037 | ( i 155,544) | i 3,795,534 | |||||||||||||||||||||||||||||||||||||||
Net income | i i 105,514 / | i 105,514 | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends ($ i 0.34 per share) | ( i 15,946) | ( i 15,946) | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ( i 40,450) | ( i 40,450) | |||||||||||||||||||||||||||||||||||||||||||||
Shares issued under compensation plans | i 6 | i 6 | i 7,918 | ( i 2) | i 151 | i 8,075 | |||||||||||||||||||||||||||||||||||||||||
Deferred compensation | — | — | ( i 2) | i — | i 5 | i 3 | |||||||||||||||||||||||||||||||||||||||||
Balance
at June 26, 2022 | i 47,940 | $ | i 47,940 | $ | i 700,156 | $ | i 3,668,717 | $ | ( i 408,695) | i 1,035 | $ | ( i 155,388) | $ | i 3,852,730 | |||||||||||||||||||||||||||||||||
Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars and shares in thousands, except per share) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | i 47,812 | $ | i 47,812 | $ | i 652,305 | $ | i 3,096,228 | $ | ( i 297,298) | i 1,132 | $ | ( i 162,590) | $ | i 3,336,457 | |||||||||||||||||||||||||||||||||
Net
income | i 74,866 | i 74,866 | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends ($ i 0.34 per share) | ( i 15,893) | ( i 15,893) | |||||||||||||||||||||||||||||||||||||||||||||
Other
comprehensive loss | ( i 22,437) | ( i 22,437) | |||||||||||||||||||||||||||||||||||||||||||||
Shares
issued under compensation plans | i 18 | i 18 | i 1,993 | ( i 28) | i 99 | i 2,110 | |||||||||||||||||||||||||||||||||||||||||
Deferred
compensation | — | — | i 447 | ( i 4) | i 241 | i 688 | |||||||||||||||||||||||||||||||||||||||||
Balance
at March 28, 2021 | i 47,830 | i 47,830 | i 654,745 | i 3,155,201 | ( i 319,735) | i 1,100 | ( i 162,250) | i 3,375,791 | |||||||||||||||||||||||||||||||||||||||
Net income | i 83,248 | i 83,248 | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends ($ i 0.34 per share) | ( i 15,900) | ( i 15,900) | |||||||||||||||||||||||||||||||||||||||||||||
Other
comprehensive income | i 7,775 | i 7,775 | |||||||||||||||||||||||||||||||||||||||||||||
Shares
issued under compensation plans | i 52 | i 52 | i 15,132 | ( i 1) | i 16 | i 15,200 | |||||||||||||||||||||||||||||||||||||||||
Deferred
compensation | — | — | i — | i — | ( i 12) | ( i 12) | |||||||||||||||||||||||||||||||||||||||||
Balance
as of June 27, 2021 | i 47,882 | $ | i 47,882 | $ | i 669,877 | $ | i 3,222,549 | $ | ( i 311,960) | i 1,099 | $ | ( i 162,246) | $ | i 3,466,102 | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Vascular access | $ | i 163,907 | $ | i 167,739 | $ | i 330,041 | $ | i 331,712 | |||||||||||||||
Anesthesia | i 104,695 | i 95,426 | i 191,652 | i 180,283 | |||||||||||||||||||
Interventional | i 114,342 | i 112,082 | i 211,201 | i 208,255 | |||||||||||||||||||
Surgical | i 99,642 | i 98,185 | i 189,344 | i 178,571 | |||||||||||||||||||
Interventional urology | i 79,818 | i 92,243 | i 154,713 | i 165,607 | |||||||||||||||||||
OEM | i 70,003 | i 60,956 | i 127,659 | i 114,445 | |||||||||||||||||||
Other
(1) | i 72,135 | i 86,842 | i 141,647 | i 168,525 | |||||||||||||||||||
Net
revenues (2) | $ | i 704,542 | $ | i 713,473 | $ | i 1,346,257 | $ | i 1,347,398 |
Respiratory divestiture plan | 2019 Footprint realignment plan | 2018 Footprint realignment plan | |||||||||||||||||||||
Plan expense estimates: | (Dollars in millions) | ||||||||||||||||||||||
Termination benefits | $ i 5
to $ i 8 | $ i 14 to $ i 15 | $ i 60
to $ i 65 | ||||||||||||||||||||
Other costs (1) | i —
to i — | i 2 to i 2 | i 3
to i 4 | ||||||||||||||||||||
Restructuring charges | i 5
to i 8 | i 16 to i 17 | i 63
to i 69 | ||||||||||||||||||||
Restructuring related charges (2) | i 19
to i 22 | i 38 to i 43 | i 47
to i 59 | ||||||||||||||||||||
Total restructuring and restructuring related charges | $ i 24
to $ i 30 | $ i 54 to $ i 60 | $ i 110
to $ i 128 | ||||||||||||||||||||
Other plan estimates: | |||||||||||||||||||||||
Expected cash outlays | $ i 24
to $ i 30 | $ i 48 to $ i 54 | $ i 99
to $ i 122 | ||||||||||||||||||||
Expected capital expenditures | $ i 22
to $ i 28 | $ i 31 to $ i 33 | $ i 15
to $ i 16 | ||||||||||||||||||||
Other plan information: | |||||||||||||||||||||||
Period initiated | May 2021 | February 2019 | May 2018 | ||||||||||||||||||||
Estimated period of substantial completion | 2023 | 2022 | 2022 | ||||||||||||||||||||
Aggregate restructuring charges | $ i 3.0 | $ i 14.5 | $ i 63.1 | ||||||||||||||||||||
Restructuring reserve: | |||||||||||||||||||||||
Balance as of June 26, 2022 | $ i 2.8 | $ i 1.7 | $ i 38.8 | ||||||||||||||||||||
Restructuring related charges incurred: | |||||||||||||||||||||||
Three Months Ended June 26, 2022 | $ i 2.4 | $ i 1.8 | $ i 3.2 | ||||||||||||||||||||
Six Months Ended June 26, 2022 | $ i 4.4 | $ i 2.9 | $ i 5.5 | ||||||||||||||||||||
Aggregate restructuring related charges | $ i 7.7 | $ i 37.1 | $ i 32.9 |
Three Months Ended June 26, 2022 | |||||||||||||||||
Termination Benefits | Other Costs (1) | Total | |||||||||||||||
Respiratory divestiture plan | $ | i 129 | $ | i 31 | $ | i 160 | |||||||||||
2019 Footprint realignment plan | ( i 400) | i 21 | ( i 379) | ||||||||||||||
2018 Footprint realignment plan | i 153 | i 233 | i 386 | ||||||||||||||
Other
restructuring programs (2) | ( i 406) | i 156 | ( i 250) | ||||||||||||||
Restructuring (credits) charges | $ | ( i 524) | $ | i 441 | $ | ( i 83) | |||||||||||
Three Months Ended June 27, 2021 | |||||||||||||||||
Termination Benefits | Other Costs (1) | Total | |||||||||||||||
Respiratory divestiture plan | $ | i 2,540 | $ | i 1 | $ | i 2,541 | |||||||||||
2021 Restructuring plan | i 129 | i 23 | i 152 | ||||||||||||||
2019 Footprint realignment plan | ( i 301) | i 91 | ( i 210) | ||||||||||||||
2018 Footprint realignment plan | i 1,459 | i 92 | i 1,551 | ||||||||||||||
Other
restructuring programs (3) | ( i 4) | i 725 | i 721 | ||||||||||||||
Restructuring charges | i 3,823 | i 932 | i 4,755 | ||||||||||||||
Asset impairment charges | i — | i 6,739 | i 6,739 | ||||||||||||||
Restructuring and impairment charges | $ | i 3,823 | $ | i 7,671 | $ | i 11,494 |
Six Months Ended June 26, 2022 | |||||||||||||||||
Termination benefits | Other costs (1) | Total | |||||||||||||||
Respiratory divestiture plan | $ | i 235 | $ | i 45 | $ | i 280 | |||||||||||
2019 Footprint realignment plan | ( i 1,070) | i 45 | ( i 1,025) | ||||||||||||||
2018 Footprint realignment plan | i 311 | i 295 | i 606 | ||||||||||||||
Other
restructuring plans (2) | i 726 | i 238 | i 964 | ||||||||||||||
Restructuring charges | i 202 | i 623 | i 825 | ||||||||||||||
Asset impairment charges | i — | i 1,497 | i 1,497 | ||||||||||||||
Restructuring and impairment charges | $ | i 202 | $ | i 2,120 | $ | i 2,322 |
Six Months Ended June 27, 2021 | |||||||||||||||||
Termination benefits | Other costs (1) | Total | |||||||||||||||
Respiratory divestiture plan | $ | i 2,540 | $ | i 1 | $ | i 2,541 | |||||||||||
2021 Restructuring plan | i 6,889 | i 23 | i 6,912 | ||||||||||||||
2019 Footprint realignment plan | i 40 | i 196 | i 236 | ||||||||||||||
2018 Footprint realignment plan | i 1,726 | i 137 | i 1,863 | ||||||||||||||
Other
restructuring plans (3) | ( i 170) | i 1,371 | i 1,201 | ||||||||||||||
Restructuring charges | i 11,025 | i 1,728 | i 12,753 | ||||||||||||||
Asset impairment charges | i — | i 6,739 | i 6,739 | ||||||||||||||
Restructuring and impairment charges | $ | i 11,025 | $ | i 8,467 | $ | i 19,492 |
June 26, 2022 | December 31, 2021 | ||||||||||
Raw materials | $ | i 154,866 | $ | i 146,433 | |||||||
Work-in-process | i 89,953 | i 81,503 | |||||||||
Finished goods | i 265,712 | i 249,707 | |||||||||
Inventories | $ | i 510,531 | $ | i 477,643 |
Americas | EMEA | Asia | OEM | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | $ | i 1,676,224 | $ | i 492,149 | $ | i 223,819 | $ | i 112,010 | $ | i 2,504,202 | |||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | i 443 | ( i 32,520) | ( i 11,042) | i — | ( i 43,119) | ||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2022 | $ | i 1,676,667 | $ | i 459,629 | $ | i 212,777 | $ | i 112,010 | $ | i 2,461,083 |
Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||||
June 26, 2022 | December 31, 2021 | June 26, 2022 | December 31, 2021 | ||||||||||||||||||||
Customer relationships | $ | i 1,318,401 | $ | i 1,328,611 | $ | ( i 466,410) | $ | ( i 441,059) | |||||||||||||||
In-process research and development | i 26,921 | i 28,158 | — | — | |||||||||||||||||||
Intellectual property | i 1,469,917 | i 1,440,643 | ( i 600,805) | ( i 560,740) | |||||||||||||||||||
Distribution rights | i 23,069 | i 23,434 | ( i 20,659) | ( i 20,630) | |||||||||||||||||||
Trade names | i 540,723 | i 549,269 | ( i 64,701) | ( i 59,249) | |||||||||||||||||||
Non-compete agreements | i 21,254 | i 22,783 | ( i 20,835) | ( i 22,153) | |||||||||||||||||||
$ | i 3,400,285 | $ | i 3,392,898 | $ | ( i 1,173,410) | $ | ( i 1,103,831) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Foreign exchange gains (losses) | $ | i 22,614 | $ | ( i 7,127) | $ | i 26,454 | $ | i 10,487 | |||||||||||||||
Interest benefit | i 5,297 | i 4,479 | i 10,145 | i 9,126 |
June 26, 2022 | December 31, 2021 | ||||||||||
Fair Value | |||||||||||
Asset derivatives: | |||||||||||
Designated foreign currency forward contracts | $ | i 3,189 | $ | i 1,957 | |||||||
Non-designated foreign currency forward contracts | i 32 | i 56 | |||||||||
Cross-currency interest rate swaps | i 22,034 | i 21,718 | |||||||||
Prepaid expenses and other current assets | i 25,255 | i 23,731 | |||||||||
Cross-currency interest rate swaps | i 43,352 | i 9,560 | |||||||||
Other assets | i 43,352 | i 9,560 | |||||||||
Total asset derivatives | $ | i 68,607 | $ | i 33,291 | |||||||
Liability derivatives: | |||||||||||
Designated foreign currency forward contracts | $ | i 988 | $ | i 993 | |||||||
Non-designated foreign currency forward contracts | i 300 | i 147 | |||||||||
Other current liabilities | i 1,288 | i 1,140 | |||||||||
Total liability derivatives | $ | i 1,288 | $ | i 1,140 |
Total carrying value at | Quoted prices in active markets (Level 1) | Significant other observable Inputs (Level 2) | Significant unobservable Inputs (Level 3) | ||||||||||||||||||||
Investments in marketable securities | $ | i 16,555 | $ | i 16,555 | $ | i — | $ | i — | |||||||||||||||
Derivative assets | i 68,607 | i — | i 68,607 | i — | |||||||||||||||||||
Derivative liabilities | i 1,288 | i — | i 1,288 | i — | |||||||||||||||||||
Contingent consideration liabilities | i 4,225 | i — | i — | i 4,225 |
Total
carrying value at December 31, 2021 | Quoted prices in active markets (Level 1) | Significant other observable Inputs (Level 2) | Significant unobservable Inputs (Level 3) | ||||||||||||||||||||
Investments in marketable securities | $ | i 19,186 | $ | i 19,186 | $ | i — | $ | i — | |||||||||||||||
Derivative assets | i 33,291 | i — | i 33,291 | i — | |||||||||||||||||||
Derivative liabilities | i 1,140 | i — | i 1,140 | i — | |||||||||||||||||||
Contingent consideration liabilities | i 9,814 | i — | i — | i 9,814 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Basic | i 46,901 | i 46,741 | i 46,889 | i 46,719 | |||||||||||||||||||
Dilutive effect of share-based awards | i 446 | i 692 | i 485 | i 701 | |||||||||||||||||||
Diluted | i 47,347 | i 47,433 | i 47,374 | i 47,420 |
Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||
Balance as of December 31, 2021 | $ | i 1,081 | $ | ( i 138,290) | $ | ( i 209,750) | $ | ( i 346,959) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | i 2,839 | i 939 | ( i 68,382) | ( i 64,604) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | i 195 | i 2,673 | i — | i 2,868 | |||||||||||||||||||
Net current-period other comprehensive income (loss) | i 3,034 | i 3,612 | ( i 68,382) | ( i 61,736) | |||||||||||||||||||
Balance as of June 26, 2022 | $ | i 4,115 | $ | ( i 134,678) | $ | ( i 278,132) | $ | ( i 408,695) |
Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Foreign Currency Translation Adjustment | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||
Balance as of December 31, 2020 | $ | ( i 482) | $ | ( i 150,257) | $ | ( i 146,559) | $ | ( i 297,298) | |||||||||||||||
Other comprehensive (loss) income before reclassifications | ( i 574) | i 9 | ( i 17,995) | ( i 18,560) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | i 998 | i 2,900 | i — | i 3,898 | |||||||||||||||||||
Net current-period other comprehensive income (loss) | i 424 | i 2,909 | ( i 17,995) | ( i 14,662) | |||||||||||||||||||
Balance as of June 27, 2021 | $ | ( i 58) | $ | ( i 147,348) | $ | ( i 164,554) | $ | ( i 311,960) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
(Gains) Loss on foreign exchange contracts: | |||||||||||||||||||||||
Cost of goods sold | $ | ( i 229) | $ | i 133 | $ | i 169 | $ | i 979 | |||||||||||||||
Total before tax | ( i 229) | i 133 | i 169 | i 979 | |||||||||||||||||||
Taxes | i 24 | i 27 | i 26 | i 19 | |||||||||||||||||||
Net of tax | ( i 205) | i 160 | i 195 | i 998 | |||||||||||||||||||
Amortization
of pension and other postretirement benefit items (1): | |||||||||||||||||||||||
Actuarial losses | i 1,989 | i 2,144 | i 3,989 | i 4,287 | |||||||||||||||||||
Prior-service costs | ( i 252) | ( i 251) | ( i 504) | ( i 502) | |||||||||||||||||||
Total before tax | i 1,737 | i 1,893 | i 3,485 | i 3,785 | |||||||||||||||||||
Tax benefit | ( i 405) | ( i 443) | ( i 812) | ( i 885) | |||||||||||||||||||
Net of tax | i 1,332 | i 1,450 | i 2,673 | i 2,900 | |||||||||||||||||||
Total reclassifications, net of tax | $ | i 1,127 | $ | i 1,610 | $ | i 2,868 | $ | i 3,898 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Effective income tax rate | i 14.9% | i 16.5% | i 15.8% | i 15.4% |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Americas | $ | i 412,740 | $ | i 414,785 | $ | i 790,701 | $ | i 790,278 | |||||||||||||||
EMEA | i 145,190 | i 157,129 | i 282,098 | i 298,382 | |||||||||||||||||||
Asia | i 76,609 | i 80,603 | i 145,799 | i 144,293 | |||||||||||||||||||
OEM | i 70,003 | i 60,956 | i 127,659 | i 114,445 | |||||||||||||||||||
Net revenues | $ | i 704,542 | $ | i 713,473 | $ | i 1,346,257 | $ | i 1,347,398 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Americas | $ | i 114,467 | $ | i 105,379 | $ | i 211,368 | $ | i 188,981 | |||||||||||||||
EMEA | i 12,725 | i 23,301 | i 21,819 | i 46,296 | |||||||||||||||||||
Asia | i 21,494 | i 23,188 | i 38,911 | i 38,104 | |||||||||||||||||||
OEM | i 17,836 | i 15,262 | i 28,759 | i 27,824 | |||||||||||||||||||
Total
segment operating profit (1) | i 166,522 | i 167,130 | i 300,857 | i 301,205 | |||||||||||||||||||
Unallocated
expenses (2) | ( i 31,365) | ( i 38,510) | ( i 62,164) | ( i 69,151) | |||||||||||||||||||
Income from continuing operations before interest and taxes | $ | i 135,157 | $ | i 128,620 | $ | i 238,693 | $ | i 232,054 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Net revenues | $ | 704.5 | $ | 713.5 | $ | 1,346.3 | $ | 1,347.4 | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Gross profit | $ | 388.8 | $ | 397.6 | $ | 735.1 | $ | 742.1 | |||||||||||||||
Percentage of sales | 55.2 | % | 55.7 | % | 54.6 | % | 55.1 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Selling, general and administrative | $ | 216.8 | $ | 224.2 | $ | 420.8 | $ | 427.3 | |||||||||||||||
Percentage of sales | 30.8 | % | 31.4 | % | 31.3 | % | 31.7 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||||||||||||||
Research and development | $ | 36.9 | $ | 33.3 | $ | 73.3 | $ | 63.2 | |||||||||||||||||||||||||||
Percentage of sales | 5.2 | % | 4.7 | % | 5.4 | % | 4.7 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Restructuring and impairment (credits) charges | $ | (0.1) | $ | 11.5 | $ | 2.3 | $ | 19.5 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Interest expense | $ | 11.4 | $ | 16.2 | $ | 21.8 | $ | 33.0 | |||||||||||||||
Average interest rate on debt | 2.3 | % | 2.4 | % | 2.2 | % | 2.4 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | June 26, 2022 | June 27, 2021 | ||||||||||||||||||||
Effective income tax rate | 14.9 | % | 16.5 | % | 15.8 | % | 15.4 | % |
Segment net revenues | |||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | % Increase/(Decrease) | June 26, 2022 | June 27, 2021 | % Increase/(Decrease) | ||||||||||||||||||||||||||||||
Americas | $ | 412.7 | $ | 414.8 | (0.5) | $ | 790.7 | $ | 790.3 | 0.1 | |||||||||||||||||||||||||
EMEA | 145.2 | 157.1 | (7.6) | 282.1 | 298.3 | (5.5) | |||||||||||||||||||||||||||||
Asia | 76.6 | 80.6 | (5.0) | 145.8 | 144.3 | 1.0 | |||||||||||||||||||||||||||||
OEM | 70.0 | 61.0 | 14.8 | 127.7 | 114.5 | 11.5 | |||||||||||||||||||||||||||||
Segment net revenues | $ | 704.5 | $ | 713.5 | (1.3) | $ | 1,346.3 | $ | 1,347.4 | (0.1) | |||||||||||||||||||||||||
Segment operating profit | |||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
June 26, 2022 | June 27, 2021 | % Increase/(Decrease) | June 26, 2022 | June 27, 2021 | % Increase/(Decrease) | ||||||||||||||||||||||||||||||
Americas | $ | 114.5 | $ | 105.4 | 8.6 | $ | 211.4 | $ | 189.0 | 11.8 | |||||||||||||||||||||||||
EMEA | 12.7 | 23.3 | (45.4) | 21.8 | 46.3 | (52.9) | |||||||||||||||||||||||||||||
Asia | 21.5 | 23.2 | (7.3) | 38.9 | 38.1 | 2.1 | |||||||||||||||||||||||||||||
OEM | 17.8 | 15.2 | 16.9 | 28.8 | 27.8 | 3.4 | |||||||||||||||||||||||||||||
Segment
operating profit (1) | $ | 166.5 | $ | 167.1 | (0.4) | $ | 300.9 | $ | 301.2 | (0.1) |
Six Months Ended | ||||||||||||||||||||
June 26, 2022 | ||||||||||||||||||||
Obligor Group | Intercompany | Obligor Group (excluding Intercompany) | ||||||||||||||||||
Net revenue | $ | 957.3 | $ | 102.8 | $ | 854.5 | ||||||||||||||
Cost of goods sold | 574.6 | 115.0 | 459.6 | |||||||||||||||||
Gross profit | 382.7 | (12.2) | 394.9 | |||||||||||||||||
Income from continuing operations | 140.1 | 69.0 | 71.1 | |||||||||||||||||
Net income | 139.8 | 69.0 | 70.8 |
June 26, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Obligor Group | Intercompany | Obligor Group (excluding Intercompany) | Obligor Group | Intercompany | Obligor Group (excluding Intercompany) | |||||||||||||||||||||||||||||||||
Total current assets | $ | 844.6 | $ | 83.9 | $ | 760.7 | $ | 812.5 | $ | 53.6 | $ | 758.9 | ||||||||||||||||||||||||||
Total assets | 3,123.2 | 1,450.5 | 1,672.7 | 3,084.4 | 1,419.4 | 1,665.0 | ||||||||||||||||||||||||||||||||
Total current liabilities | 819.8 | 559.0 | 260.8 | 879.7 | 523.6 | 356.1 | ||||||||||||||||||||||||||||||||
Total liabilities | 3,302.8 | 907.7 | 2,395.1 | 3,541.2 | 886.8 | 2,654.4 | ||||||||||||||||||||||||||||||||
Exhibit No. | Description | |||||||||||||
*3.1 | — | |||||||||||||
*3.2 | — | |||||||||||||
31.1 | — | |||||||||||||
31.2 | — | |||||||||||||
32.1 | — | |||||||||||||
32.2 | — | |||||||||||||
101.1 | — | The
following materials from our Quarterly Report on Form 10-Q for the quarter ended June 26, 2022, formatted in inline XBRL (eXtensible Business Reporting Language): (i) Cover Page; (ii) the Condensed Consolidated Statements of Income for the three and six months ended June 26, 2022 and June 27, 2021; (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 26, 2022 and June 27, 2021; (iv) the Condensed Consolidated Balance Sheets as of June 26, 2022 and December 31, 2021; (v) the Condensed Consolidated Statements of Cash Flows for the six months ended June
26, 2022 and June 27, 2021; (vi) the Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 26, 2022 and June 27, 2021; and (vii) Notes to Condensed Consolidated Financial Statements. | ||||||||||||
104.1 | — | The cover page of the Company's Quarterly Report on Form 10-Q for the quarter ended June 26, 2022, formatted in inline XBRL (included in Exhibit 101.1). |
TELEFLEX INCORPORATED | ||||||||||||||
By: | /s/ Liam J. Kelly | |||||||||||||
President and Chief Executive Officer (Principal Executive
Officer) | ||||||||||||||
By: | /s/ Thomas E. Powell | |||||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/4/24 | ||||
10/4/23 | ||||
Filed on: | 7/28/22 | 8-K | ||
7/26/22 | ||||
For Period end: | 6/26/22 | |||
6/13/22 | ||||
3/27/22 | 10-Q | |||
1/1/22 | ||||
12/31/21 | 10-K, 11-K, 5, SD | |||
6/28/21 | ||||
6/27/21 | 10-Q | |||
5/15/21 | 8-K | |||
3/28/21 | 10-Q | |||
12/31/20 | 10-K, 11-K, 5, SD | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/05/22 Teleflex Inc. 8-K:5,9 4/29/22 12:440K |