Cover page
Cover page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 23, 2021 | Jun. 26, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
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 East Swedesford Road, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10,305,936,126 | ||
Entity Common Stock, Shares Outstanding | 46,689,810 | ||
Documents Incorporated by Reference | Certain provisions of the registrant’s definitive proxy statement in connection with its 2021 Annual Meeting of Stockholders, to be filed within 120 days of the close of the registrant’s fiscal year, are incorporated by reference in Part III hereof.(1) For purposes of this computation only, the registrant has defined “affiliate” as including executive officers and directors of the registrant and owners of more than five percent of the common stock of the registrant, without conceding that all such persons are “affiliates” for purposes of the federal securities laws. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000096943 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net revenues | $ 2,537,156 | $ 2,595,362 | $ 2,448,383 |
Cost of goods sold | 1,212,282 | 1,186,357 | 1,145,567 |
Gross profit | 1,324,874 | 1,409,005 | 1,302,816 |
Selling, general and administrative expenses | 743,568 | 851,766 | 797,062 |
Research and development expenses | 119,747 | 113,857 | 106,208 |
Restructuring and impairment charges | 38,491 | 22,205 | 79,230 |
Gain on sale of assets | 0 | (6,077) | (1,388) |
Income from continuing operations before interest, loss on extinguishment of debt and taxes | 423,068 | 427,254 | 321,704 |
Interest expense | 66,494 | 80,270 | 103,020 |
Interest income | (1,158) | (1,741) | (944) |
Loss on extinguishment of debt | 0 | 8,822 | 0 |
Income from continuing operations before taxes | 357,732 | 339,903 | 219,628 |
Taxes (benefit) on income from continuing operations | 21,931 | (122,078) | 23,196 |
Income from continuing operations | 335,801 | 461,981 | 196,432 |
(Loss) income from discontinued operations | (621) | (828) | 5,643 |
(Benefit) taxes on (loss) income from discontinued operations | (144) | (313) | 1,273 |
(Loss) income on discontinued operations | (477) | (515) | 4,370 |
Net income | $ 335,324 | $ 461,466 | $ 200,802 |
Basic: | |||
Income from continuing operations (in dollars per share) | $ 7.22 | $ 10 | $ 4.30 |
Income (loss) from discontinued operations (in dollars per share) | (0.01) | (0.01) | 0.09 |
Net income (in dollars per share) | 7.21 | 9.99 | 4.39 |
Diluted: | |||
Income from continuing operations (in dollars per share) | 7.10 | 9.81 | 4.20 |
Income (loss) from discontinued operations (in dollars per share) | (0.01) | (0.01) | 0.09 |
Net income (loss), diluted (in dollar per share) | $ 7.09 | $ 9.80 | $ 4.29 |
Weighted average shares outstanding: | |||
Basic (in shares) | 46,488 | 46,200 | 45,689 |
Diluted (in shares) | 47,287 | 47,090 | 46,801 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 335,324 | $ 461,466 | $ 200,802 |
Foreign currency: | |||
Foreign currency translation adjustments, net of tax of $6,442, $(6,270) and $(1,047), respectively | 59,758 | 4,195 | (83,889) |
Foreign currency translation, net of tax | 59,758 | 4,195 | (83,889) |
Pension and other postretirement benefits plans: | |||
Prior service cost recognized in net periodic cost, net of tax of $(7), $(20) and $(23), respectively | 26 | 62 | 71 |
Unamortized (loss) gain arising during the period, net of tax of $6,101, $3,817 and $(447), respectively | (19,966) | (12,767) | 1,116 |
Plan amendments, curtailments, and settlements, net of tax of $(1,067), $0 and $(137), respectively | 3,544 | 0 | 511 |
Net loss recognized in net periodic cost, net of tax of $(1,694), $(1,611) and $(1,588), respectively | 5,559 | 5,319 | 5,231 |
Foreign currency translation, net of tax of $243, $15 and $(183), respectively | (610) | (44) | 499 |
Pension and other postretirement benefits plans adjustment, net of tax | (11,447) | (7,430) | 7,428 |
Derivatives qualifying as hedges: | |||
Unrealized (loss) gain on derivatives arising during the period, net of tax $234, $(85) and $(268), respectively | (3,331) | 1,062 | 2,574 |
Reclassification adjustment on derivatives included in net income, net of tax of $(240), $150 and $163, respectively | 2,114 | (1,134) | (2,107) |
Derivatives qualifying as hedges, net of tax | (1,217) | (72) | 467 |
Other comprehensive income (loss), net of tax | 47,094 | (3,307) | (75,994) |
Comprehensive income | $ 382,418 | $ 458,159 | $ 124,808 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation, continuing operations, adjustments, tax | $ 6,442 | $ (6,270) | $ (1,047) |
Prior service cost recognized in net periodic cost, tax | (7) | (20) | (23) |
Unamortized (loss) gain arising during the period, tax | 6,101 | 3,817 | (447) |
Plan amendments, curtailments, and settlements, tax | (1,067) | 0 | (137) |
Net loss recognized in net periodic cost, tax | (1,694) | (1,611) | (1,588) |
Foreign currency translation, tax | 243 | 15 | (183) |
Unrealized gain (loss) on derivatives arising during the period, tax | 234 | (85) | (268) |
Reclassification adjustment on derivatives included in net income, tax | $ (240) | $ 150 | $ 163 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 375,880 | $ 301,083 |
Accounts receivable, net | 395,071 | 418,673 |
Inventories | 513,196 | 476,557 |
Prepaid expenses and other current assets | 115,436 | 97,943 |
Prepaid taxes | 22,842 | 12,076 |
Total current assets | 1,422,425 | 1,306,332 |
Property, plant and equipment, net | 473,912 | 430,719 |
Operating lease assets | 100,635 | 113,160 |
Goodwill | 2,585,966 | 2,245,305 |
Intangibles assets, net | 2,519,746 | 2,156,285 |
Deferred tax assets | 8,073 | 5,572 |
Other assets | 41,802 | 52,447 |
Total assets | 7,152,559 | 6,309,820 |
Current liabilities | ||
Current borrowings | 100,500 | 50,000 |
Accounts payable | 102,520 | 102,916 |
Accrued expenses | 136,276 | 100,466 |
Current portion of contingent consideration | 20,543 | 148,090 |
Payroll and benefit-related liabilities | 122,366 | 115,981 |
Accrued interest | 7,135 | 5,514 |
Income taxes payable | 17,361 | 6,692 |
Other current liabilities | 33,326 | 33,396 |
Total current liabilities | 540,027 | 563,055 |
Long-term borrowings | 2,377,888 | 1,858,943 |
Deferred tax liabilities | 484,678 | 439,558 |
Pension and postretirement benefit liabilities | 74,499 | 82,719 |
Noncurrent liability for uncertain tax positions | 10,127 | 10,294 |
Noncurrent contingent consideration | 16,090 | 71,818 |
Noncurrent operating lease liabilities | 86,097 | 101,372 |
Other liabilities | 226,696 | 202,741 |
Total liabilities | 3,816,102 | 3,330,500 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common shares, $1 par value Issued: 2020 — 47,812 shares; 2019 — 47,536 shares | 47,812 | 47,536 |
Additional paid-in capital | 652,305 | 616,980 |
Retained earnings | 3,096,228 | 2,824,916 |
Accumulated other comprehensive loss | (297,298) | (344,392) |
Shareholders equity before treasury stock, total | 3,499,047 | 3,145,040 |
Less: Treasury stock, at cost | 162,590 | 165,720 |
Total shareholders' equity | 3,336,457 | 2,979,320 |
Total liabilities and shareholders' equity | $ 7,152,559 | $ 6,309,820 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 1 | $ 1 |
Common shares, shares issued (in shares) | 47,812 | 47,536 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities of continuing operations: | |||
Net income | $ 335,324 | $ 461,466 | $ 200,802 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (Income) from discontinued operations | 477 | 515 | (4,370) |
Depreciation expense | 68,567 | 64,088 | 60,494 |
Intangible asset amortization expense | 158,685 | 149,974 | 149,486 |
Deferred financing costs and debt discount amortization expense | 4,430 | 4,307 | 4,734 |
Loss on extinguishment of debt | 0 | 8,822 | 0 |
Fair value step up of acquired inventory sold | 1,707 | 0 | 0 |
Changes in contingent consideration | (38,164) | 53,915 | 52,977 |
Asset impairment charges | 21,388 | 6,966 | 19,110 |
Stock-based compensation | 20,739 | 26,940 | 22,438 |
Net gain on sales of businesses and assets | 0 | (6,077) | (1,388) |
Deferred income taxes, net | (32,675) | (168,594) | (6,097) |
Payments for contingent consideration | (79,801) | (26,092) | (2,100) |
Interest benefit on swaps designated as net investment hedges | (19,178) | (18,866) | (3,277) |
Other | (26,636) | (5,800) | (13,426) |
Changes in operating assets and liabilities, net of effects of acquisitions and disposals: | |||
Accounts receivable | 44,748 | (59,793) | (23,412) |
Inventories | (5,497) | (53,170) | (37,198) |
Prepaid expenses and other current assets | (4,323) | (31,023) | (10,351) |
Accounts payable, accrued expenses and other liabilities | 646 | 36,021 | 62,404 |
Income taxes receivable and payable, net | (13,294) | (6,531) | (35,740) |
Net cash provided by operating activities from continuing operations | 437,143 | 437,068 | 435,086 |
Cash flows from investing activities of continuing operations: | |||
Expenditures for property, plant and equipment | (90,694) | (102,695) | (80,795) |
Payments for businesses and intangibles acquired, net of cash acquired | (767,830) | (3,462) | (121,025) |
Proceeds from sales of businesses and assets | 1,400 | 14,345 | 3,878 |
Net interest proceeds on swaps designated as net investment hedges | 19,341 | 18,331 | 1,548 |
Net cash used in investing activities from continuing operations | (837,783) | (73,481) | (196,394) |
Cash flows from financing activities of continuing operations: | |||
Proceeds from new borrowings | 1,513,807 | 275,000 | 35,000 |
Reduction in borrowings | (938,807) | (528,500) | (128,500) |
Debt extinguishment, issuance and amendment fees | (8,440) | (11,635) | (188) |
Proceeds from share based compensation plans and the related tax impacts | 18,994 | 21,206 | 22,655 |
Payments for contingent consideration | (67,170) | (112,079) | (73,235) |
Dividends | (63,221) | (62,828) | (62,165) |
Net cash provided by (used in) financing activities from continuing operations | 455,163 | (418,836) | (206,433) |
Cash flows from discontinued operations: | |||
Net cash (used in) provided by operating activities | (737) | 2,457 | 2,292 |
Net cash (used in) provided by discontinued operations | (737) | 2,457 | 2,292 |
Effect of exchange rate changes on cash and cash equivalents | 21,011 | (3,286) | (10,948) |
Net increase (decrease) in cash and cash equivalents | 74,797 | (56,078) | 23,603 |
Cash and cash equivalents at the beginning of the year | 301,083 | 357,161 | 333,558 |
Cash and cash equivalents at the end of the year | $ 375,880 | $ 301,083 | $ 357,161 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' 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 Income (loss) | Treasury Stock |
Beginning Balance (in shares) at Dec. 31, 2017 | 46,871 | 1,704 | ||||||
Beginning Balance at Dec. 31, 2017 | $ 2,430,531 | $ 3,076 | $ 46,871 | $ 591,721 | $ 2,285,886 | $ 3,076 | $ (265,091) | $ (228,856) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 200,802 | 200,802 | ||||||
Cash dividends | (62,165) | (62,165) | ||||||
Other comprehensive income (loss) | (75,994) | (75,994) | ||||||
Settlement of warrants (in shares) | (412) | |||||||
Settlement of warrants | (40) | (56,115) | $ 56,075 | |||||
Shares issued under compensation plans (in shares) | 377 | (50) | ||||||
Shares issued under compensation plans | 42,899 | $ 377 | 38,756 | $ 3,766 | ||||
Deferred compensation (in shares) | (10) | |||||||
Deferred compensation | 869 | 399 | $ 470 | |||||
Ending Balance (in shares) at Dec. 31, 2018 | 47,248 | 1,232 | ||||||
Ending Balance at Dec. 31, 2018 | $ 2,539,978 | (1,321) | $ 47,248 | 574,761 | 2,427,599 | (1,321) | (341,085) | $ (168,545) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||
Net income | $ 461,466 | 461,466 | ||||||
Cash dividends | (62,828) | (62,828) | ||||||
Other comprehensive income (loss) | (3,307) | (3,307) | ||||||
Shares issued under compensation plans (in shares) | 288 | (46) | ||||||
Shares issued under compensation plans | 44,952 | $ 288 | 42,092 | $ 2,572 | ||||
Deferred compensation (in shares) | (4) | |||||||
Deferred compensation | 380 | 127 | $ 253 | |||||
Ending Balance (in shares) at Dec. 31, 2019 | 47,536 | 1,182 | ||||||
Ending 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 | 335,324 | 335,324 | ||||||
Cash dividends | (63,221) | (63,221) | ||||||
Other comprehensive income (loss) | 47,094 | 47,094 | ||||||
Shares issued under compensation plans (in shares) | 276 | (44) | ||||||
Shares issued under compensation plans | 37,732 | $ 276 | 35,223 | $ 2,233 | ||||
Deferred compensation (in shares) | (6) | |||||||
Deferred compensation | 999 | 102 | $ 897 | |||||
Ending Balance (in shares) at Dec. 31, 2020 | 47,812 | 1,132 | ||||||
Ending Balance at Dec. 31, 2020 | $ 3,336,457 | $ 47,812 | $ 652,305 | $ 3,096,228 | $ (297,298) | $ (162,590) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends, per common share (in dollars per share) | $ 1.36 | $ 1.36 | $ 1.36 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies Consolidation: The consolidated financial statements include the accounts of Teleflex Incorporated and its subsidiaries (referred to herein as “we,” “us,” “our” and “Teleflex"). Intercompany transactions are eliminated in consolidation. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and reflect management’s estimates and assumptions that affect the recorded amounts. Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents: All highly liquid debt instruments with an original maturity of three months or less are classified as cash equivalents. The carrying value of cash equivalents approximates the current market value. Accounts receivable: Accounts receivable represent amounts due from customers related to the sale of products and provision of services. 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. The allowance for credit losses as of December 31, 2020 and December 31, 2019 was $12.9 million and $9.1 million, respectively. The current portion of the allowance for credit losses, which was $8.1 million and $5.3 million as of December 31, 2020 and December 31, 2019, respectively, was recognized as a reduction of accounts receivable, net. Inventories: Inventories are valued at the lower of cost or net realizable value. The cost of our inventories is determined using the average cost method. Elements of cost in inventory include raw materials, direct labor, and manufacturing overhead. In estimating net realizable value, we evaluate inventory for excess and obsolete quantities based on estimated usage and sales, among other factors. Property, plant and equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation. Costs incurred to develop internal-use computer software during the application development stage generally are capitalized. Costs of enhancements to internal-use computer software are capitalized, provided that these enhancements result in additional functionality. Other additions and those improvements which increase the capacity or lengthen the useful lives of the assets are also capitalized. Composite useful lives for categories of property, plant and equipment, which are depreciated on a straight-line basis, are as follows: buildings — 30 years; machinery and equipment — 3 to 15 years; computer equipment and software — 3 to 5 years. Leasehold improvements are depreciated over the lesser of the useful lives of the leasehold improvements or the remaining lease term. Repairs and maintenance costs are expensed as incurred. Goodwill and other intangible assets: Goodwill and other indefinite-lived intangible assets are not amortized but are tested for impairment annually during the fourth quarter or more frequently if events or changes in circumstances indicate that an impairment may exist. Impairment losses, if any, are included in income from operations. The goodwill impairment test is applied to each of our reporting units. For purposes of this assessment, a reporting unit is an operating segment, or a business one level below an operating segment (also known as a component) if discrete financial information is prepared for that business and regularly reviewed by segment management. However, separate components are aggregated as a single reporting unit if they have similar economic characteristics. In performing the goodwill impairment test, we may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for our products and services, regulatory and political developments, and entity specific factors such as strategies and financial performance. If, after completing the qualitative assessment, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying value, we proceed to a two-step quantitative impairment test, described below. Alternatively, we may elect to bypass the qualitative assessment and perform the two-step quantitative impairment test. The first step of the two-step impairment test is to compare the fair value of a reporting unit to its carrying value. If the reporting unit fair value exceeds the carrying value, there is no impairment. If the reporting unit carrying value exceeds the fair value, we would perform the second step of the goodwill impairment test, in which we would measure the amount of an impairment loss, if any, based on the amount by which the carrying value of goodwill exceeds its implied fair value. The implied fair value of goodwill is determined by deducting the fair value of a reporting unit's identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the fair value of the individual assets acquired and liabilities assumed were being determined initially. We did not record a goodwill impairment charge for the year ended December 31, 2020. Our intangible assets consist of customer relationships, intellectual property, distribution rights, in-process research and development ("IPR&D"), trade names and non-competition agreements. We define IPR&D as the value of technology acquired for which the related projects have substance and are incomplete. IPR&D acquired in a business acquisition is recognized at fair value and is required be capitalized as an indefinite-lived intangible asset until completion of the IPR&D project or upon abandonment. Upon completion of the development project (generally when regulatory approval to market the product that utilizes the technology is obtained), an impairment assessment is performed prior to amortizing the asset over its estimated useful life. If the IPR&D projects are abandoned, the related IPR&D assets would be written off. We test our indefinite-lived intangible assets for impairment annually, or more frequently if events or changes in circumstances indicate that an impairment may have occurred. Similar to the goodwill impairment test process, we may elect to perform a qualitative assessment. If, after completing the qualitative assessment, we determine it is more likely than not that the fair value of the indefinite-lived intangible asset is greater than its carrying amount, the asset is not impaired. If we conclude it is more likely than not that the fair value of the indefinite-lived intangible asset is less than the carrying value, we then proceed to a quantitative impairment test, which consists of a comparison of the fair value of the intangible asset to its carrying amount. Intangible assets that do not have indefinite lives, consisting of intellectual property, customer relationships, distribution rights, certain trade names and non-competition agreements, are amortized over their estimated useful lives, which are as follows: intellectual property, 5 to 20 years; customer relationships, 8 to 27 years; distribution rights, 10 years; trade names, 5 to 30 years; non-competition agreements, 3 to 6 years. The weighted average remaining amortization period with respect to our intangible assets is approximately 15 years. We periodically evaluate the reasonableness of the useful lives of these assets. For the year ended December 31, 2020, intangible asset amortization expense of $84.4 million is included within costs of good sold. For the year ended December 31, 2019 and December 31, 2018, we reclassified intangible asset amortization expense of $82.6 million and $81.6 million, respectively, from selling, general and administrative expenses to cost of goods sold for comparability. Long-lived assets: We assess the remaining useful life and recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The assessment is based on various analyses, including undiscounted cash flow and profitability projections that incorporate, as applicable, the impact of the asset on the existing business. Therefore, the evaluation involves significant management judgment. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Foreign currency translation: Assets and liabilities of subsidiaries with non-United States dollar denominated functional currencies are translated into United States dollars at the rates of exchange at the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the year. The translation adjustments are reported as a component of accumulated other comprehensive loss. Derivative financial instruments: We use derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates. All instruments are entered into for other than trading purposes. All derivatives are recognized on the balance sheet at fair value. Changes in the fair value of derivatives are recorded in the consolidated statement of comprehensive income as other comprehensive income (loss), if the instrument is designated as part of a hedge transaction. Gains or losses on derivative instruments reported in other comprehensive income (loss) are reclassified to the consolidated statement of income in the period in which earnings are affected by the underlying hedged item. Gains or losses on derivative instruments representing hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, if any, are recognized in the consolidated statement of income for the period in which such gains and losses occur. If the hedging relationship ceases to be highly effective or it becomes probable that an expected transaction will no longer occur, gains or losses on the derivative instrument are recorded in the consolidated statement of income for the period in which either such event occurs. For non-designated derivatives, gains and losses are reported as selling, general and administrative expenses in the consolidated statement of income. Cash flows from derivatives are recognized in the consolidated statements of cash flows in a manner consistent with recognition of the underlying transactions. Share-based compensation: We estimate the fair value of share-based awards on the date of grant using an option pricing model. The value of the portion of the award that is ultimately expected to vest, which is derived, in part, following consideration of estimated forfeitures, is recognized as expense over the requisite service periods. Share-based compensation expense related to stock options is measured using a Black-Scholes option pricing model that takes into account subjective and complex assumptions with respect to the expected life of the options, volatility, risk-free interest rate and expected dividend yield. The expected life of options granted is derived from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that options granted are expected to be outstanding. Expected volatility is based on a blend of historical volatility and implied volatility derived from publicly traded options to purchase our common stock, which we believe is more reflective of market conditions and a better indicator of expected volatility than would be the case if we only used historical volatility. The risk-free interest rate is the implied yield currently available on United States (or "U.S.") Treasury zero-coupon issues with a remaining term equal to the expected life of the option. Forfeitures are estimated at the time of grant based on management’s expectations regarding the extent to which awards ultimately will vest and are adjusted for actual forfeitures when they occur. Income taxes: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases, and to reflect operating loss and tax credit carryforwards. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except to the extent that such earnings are deemed to be permanently reinvested. Significant judgment is required in determining income tax provisions and in evaluating tax positions. We establish additional provisions for income taxes when, despite the belief that tax positions are supportable, there remain certain positions that do not meet the minimum probability threshold, which is a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority. In the normal course of business, we are examined by various federal, state and non-U.S. tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of its provision for income taxes. Interest accrued with respect to unrecognized tax benefits and income tax related penalties are both included in taxes on income from continuing operations. We periodically assess the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to an adjustment become known. Pensions and other postretirement benefits: We provide a range of benefits to eligible employees and retired employees, including benefits available pursuant to pension and postretirement healthcare benefits plans. We record annual amounts relating to these plans based on calculations which include various actuarial assumptions such as discount rates, expected rates of return on plan assets, compensation increases, turnover rates and healthcare cost trend rates. We review our actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when appropriate. The effect of the modifications is generally amortized over future periods. Restructuring costs: Restructuring costs, which include termination benefits, facility closure costs, contract termination costs and other restructuring costs, are recorded at estimated fair value. Other restructuring costs may include facility closure, employee relocation, equipment relocation and outplacement costs. We primarily recognize employee termination benefits when payment becomes probable and reasonably estimable because they are provided under an ongoing benefit arrangement and are based on existing plans, historical experiences and negotiated settlements of prior plans. Termination benefits provided under one-time termination benefits arrangements are recognized upon communication to the employee. We recognize charges ratably over the future service period if the employee is required to render service until termination. Key assumptions used in calculating the restructuring costs include the terms of, and payments under, agreements to terminate certain contractual obligations and the timing of reductions in force. Contingent consideration related to business acquisitions: In connection with business acquisitions, we may be required to pay future consideration that is contingent upon the achievement of specified objectives such as receipt of regulatory approval, commercialization of a product or achievement of sales targets. As of the acquisition date, we record a contingent liability representing the estimated fair value of the contingent consideration that we expect to pay. We remeasure the fair value of our contingent consideration arrangements each reporting period and, based on new developments, records changes in fair value until either the contingent consideration obligation is satisfied through payment upon the achievement of, or the obligation no longer exists due to the failure to achieve, the specified objectives. The change in the fair value is recorded in selling, general and administrative expenses in the consolidated statement of income. A contingent consideration payment is classified as a financing activity in the consolidated statement of cash flows to the extent it was recorded as a liability as of the acquisition date. Any additional amount paid in excess of the amount initially accrued is classified as an operating activity in the consolidated statement of cash flows. Revenue recognition: We 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 the 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, which represented 88%, 9% and 3% of our consolidated net revenues, respectively, for the year ended December 31, 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. We have made the following revenue accounting policy elections and elected to use certain practical expedients: (1) we account for amounts collected from customers for sales and other taxes, net of related amounts remitted to tax authorities; (2) we do not adjust the promised amount of consideration for the effects of a significant financing component because, at contract inception, we expect the period between the time when we transfer a promised good or service to the customer and the time when the customer pays for that good or service will be one year or less; (3) we expense costs to obtain a contract as they are incurred if the expected period of benefit, and therefore the amortization period, is one year or less; (4) we account for shipping and handling activities that occur after control transfers to the customer as a fulfillment cost rather than an additional promised service; (5) we classify shipping and handling costs within cost of goods sold; and (6) with respect to the OEM segment, we have applied the practical expedient to exclude disclosure of remaining performance obligations as the contracts typically have a term of one year or less. The amount of consideration we receive and revenue we recognize varies as a result of changes in customer sales incentives, including discounts and rebates, and returns offered to customers. The estimate of revenue is adjusted upon the earlier of the following events: (i) the most likely amount of consideration expected to be received changes or (ii) the consideration becomes fixed. Our policy is to accept returns only in cases in which the product is defective and covered under our standard warranty provisions. When we give customers the right to return products, we estimate the expected returns based on an analysis of historical experience. The liability for returns and allowances was $14.6 million and $7.2 million as of December 31, 2020 and 2019, respectively. In estimating customer rebates, we consider the lag time between the point of sale and the payment of the customer’s rebate claim, customer-specific trend analyses, contractual commitments, including stated rebate rates, historical experience with respect to specific customers (as we have a history of providing similar rebates on similar products to similar customers) and other relevant information. The reserve for customer incentive programs, including customer rebates, was $28.5 million and $21.6 million at December 31, 2020 and 2019, respectively. We expect the amounts subject to the reserve as of December 31, 2020 to be paid within 90 days subsequent to period-end. Leases: On January 1, 2019, we adopted an amendment to the guidance on leases using a modified retrospective transition approach. We have made an accounting policy election not to apply the lease accounting recognition provisions to short term leases (leases with a lease term of 12 months or less that do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise); instead, we will recognize |
Recently issued accounting stan
Recently issued accounting standards | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Recently issued accounting standards | Recently issued accounting standards In June 2016, the FASB issued new guidance that changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables. Under current guidance, an entity reflects credit losses on financial assets measured on an amortized cost basis only when it is probable that losses have been incurred, generally considering only past events and current conditions in determining incurred loss. The new guidance requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial asset, based not only on historical experience and current conditions, but also on reasonable forecasts. The main objective of the new guidance is to provide financial statement users with more useful information in making decisions about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. We adopted the new standard on January 1, 2020 using a modified retrospective transition approach by recognizing a cumulative-effect adjustment of $0.8 million to reduce our opening balance of retained earnings as of the adoption date. Prior period amounts have not been adjusted and continue to reflect our historical accounting. In December 2019, the FASB issued new guidance that simplifies various aspects of accounting for income taxes including those related to the step-up in the tax basis of goodwill, intraperiod tax allocations and the interim period effects of changes in tax laws or rates. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The majority of the modifications under the new guidance will be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings on January 1, 2021. The adoption of the guidance did not have a material impact on the consolidated financial statements. In January 2017, the FASB issued guidance to simplify the quantitative test for goodwill impairment. Under current guidance, if a reporting unit’s carrying value exceeds its fair value, the entity must determine the implied value of goodwill. This determination is made by deducting the fair value of a reporting unit’s identifiable assets and liabilities from the fair value of the reporting unit as a whole as if the reporting unit had just been acquired. Under the new guidance, a determination of the implied value of goodwill will no longer be required; a goodwill impairment will be equal to the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. We adopted this guidance on January 1, 2020 and will apply it, as applicable, to impairment testing we perform in 2020 and future years. The adoption of the guidance did not have an impact on the consolidated financial statements. From time to time, new accounting guidance issued by the FASB or other standard setting bodies is adopted as of the specified effective date or, when permitted by the guidance and as determined by us, as of an earlier date. We have assessed recently issued guidance that is not yet effective, except as noted above, and believe the new guidance that we have assessed will not have a material impact on our results of operations, cash flows or financial position. |
Net revenues
Net revenues | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Net revenues | Net revenues The following table disaggregates revenue by global product category for the year ended December 31, 2020, 2019 and 2018. Year Ended December 31 2020 2019 2018 Vascular access $ 657,703 $ 600,874 $ 575,327 Anesthesia 302,293 338,413 349,370 Interventional 382,435 427,563 395,423 Surgical 317,200 370,074 358,707 Interventional urology 290,022 290,449 196,735 OEM 220,246 220,717 205,976 Other (1) 367,257 347,272 366,845 Net revenues (2) $ 2,537,156 $ 2,595,362 $ 2,448,383 (1) Revenues in the "Other" category in the table above include revenues generated from sales of our respiratory and urology products (other than interventional urology products). (2) The product categories listed above are presented on a global basis, while each of our reportable segments other than the OEM reportable segment are defined based on the geographic location of its operations; the OEM reportable segment operates globally. Each of the geographically based reportable segments include net revenues from each of the non-OEM product categories listed above. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures 2020 Acquisitions On 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 an initial purchase price of $260.0 million. The acquisition complements our OEM product portfolio. For the year ended December 31, 2020, we recorded post acquisition revenue and an operating loss of $27.1 million and $0.2 million, respectively, related to HPC within our OEM operating segment. Goodwill arising from the HPC acquisition is not tax deductible and represents costs synergies, revenue growth attributable to anticipated increased market penetration from acquired products and the establishment of new customer relationships. On December 28, 2020, we acquired Z-Medica, LLC ("Z-Medica"), a privately held medical device company that manufactures and sells hemostatic (hemorrhage control) products, marketed under the QuikClot, Combat Gauze and QuickClot Control+ brand names, to complement our anesthesia product portfolio. The acquisition included an initial cash purchase price of $500.0 million, with the potential to make an additional payment up to $25 million upon the achievement of certain commercial milestones. See Note 12 for additional information related to the fair value measurement of the contingent consideration. The goodwill arising from the Z-Medica acquisition is not tax deductible and primarily represents synergies currently expected to be realized from the integration of the Z-Medica business in addition to the benefit we expect to realize from the establishment of new customer relationships and the development of technology resulting from the operation of the Z-Medica business. For the year ended December 31, 2020, the Company incurred $6.6 million in transaction expenses associated with the HPC and Z-Medica acquisitions, which are included in selling, general and administrative expenses in the consolidated statement of income. The following table presents the fair value of the acquired assets and liabilities assumed with respect to each acquisition: HPC Z-Medica Assets Current assets $ 10,785 $ 16,649 Property, plant and equipment 10,457 4,492 Intangible assets 179,000 332,000 Goodwill 107,127 187,939 Other assets 270 153 Total assets acquired 307,639 541,233 Less: Current liabilities 1,568 5,068 Deferred tax liabilities 43,449 35,225 Noncurrent liability for uncertain tax positions 1,945 — Other liabilities — 91 Liabilities assumed 46,962 40,384 Net assets acquired $ 260,677 $ 500,849 We are continuing to evaluate the fair value of the acquired assets and liabilities assumed in connection with the Z-Medica acquisition and further adjustments may be necessary during the measurement period. The following table sets forth the components of identifiable intangible assets acquired and the ranges of the useful lives as of the date of each acquisition: HPC Z-Medica Fair value Useful life (years) Fair value Useful life (years) Intellectual property $ 40,000 20 $ 86,500 13 - 16 Trade names — — 47,500 25 Customer relationships 139,000 20 198,000 26 Pro forma information for the acquisitions completed in 2020 is not presented as the operations of the acquired businesses are not deemed to be significant to our overall operations. 2019 Divestiture On February 4, 2019, we sold substantially all of the assets related to our vein catheter reprocessing business for $12.6 million. We recognized a $2.7 million pre-tax gain on the sale of assets, which represents the excess of the $9.7 million fair value of consideration received over the carrying value of the assets sold. In connection with the sale, the purchaser of the assets issued a secured promissory note to us in the principal amount of $10.5 million. The purchaser's obligations under the notes are secured by a lien on substantially all of the purchaser's assets. The purchaser is obligated to repay the principal amount of the promissory note in annual installments of $2.1 million on each of the first five anniversaries of the date of sale. On the date of sale, the fair value of the promissory note was $7.6 million, which we calculated by applying a discount rate determined after taking into account the creditworthiness of the purchaser. As of December 31, 2020, we had $5.6 million in receivables related to the promissory note, of which $4.7 million and $0.9 million are included in accounts receivable, net and other assets, respectively, within the consolidated balance sheet. |
Restructuring and other impairm
Restructuring and other impairment charges | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and impairment charges | Restructuring and impairment chargesDuring the second quarter of 2020, we committed to a workforce reduction (the "2020 Workforce reduction plan") 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. The plan was substantially completed at the end of 2020 and we expect future restructuring expenses associated with the program, if any, to be nominal. We have ongoing restructuring programs related to the relocation of manufacturing operations to existing lower-cost locations and related workforce reductions (referred to as our 2019, 2018 and 2014 Footprint realignment plans). The following tables provide a summary of our cost estimates and other information associated with these ongoing plans: 2019 Footprint realignment plan (3) 2018 Footprint realignment plan (4) 2014 Footprint realignment plan (5) Program expense estimates: (Dollars in millions) Termination benefits $16 to $18 $60 to $70 $13 to $13 Other costs (1) 2 to 2 3 to 4 1 to 2 Restructuring charges 18 to 20 63 to 74 14 to 15 Restructuring related charges (2) 38 to 43 40 to 59 38 to 40 Total restructuring and restructuring related charges $56 to $63 $103 to $133 $52 to $55 Other program estimates: Expected cash outlays $50 to $57 $99 to $127 $42 to $46 Expected capital expenditures $28 to $33 $19 to $23 $26 to $27 Other program information: Period initiated February 2019 May 2018 April 2014 Estimated period of substantial completion 2022 2022 2022 Aggregate restructuring charges $15.3 $60.0 $13.6 Restructuring related charges incurred: For year ended December 31, 2020 $14.5 $9.5 $3.8 Aggregate restructuring related charges $21.1 $16.7 $36.0 (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 these charges are expected to be recognized within cost of goods sold. (3) In 2020, we refined the disclosed ranges for each of the components of the program expense and other program estimates in consideration of the progress made to date as well as the actions remaining. The refinements resulted in a decrease in the high end of the disclosed ranges compared to our prior estimates. (4) In 2020, we accelerated the timing of substantial completion from our prior estimate of 2024 to take advantage of an opportunity we identified to accelerate the recognition of estimated savings. (5) In 2020, we extended our timeline of certain development and qualification activities which resulted in a delay in the anticipated period of substantial completion from our prior estimate of 2021. The shift in timing also resulted in an increase in the total program cost estimate, primarily restructuring related charges, and related cash outlays compared to prior estimates. We also refined the disclosed range of capital expenditures in consideration of the progress made to date as well as actions remaining. The following table summarizes the restructuring reserve activity related to our 2019, 2018 and 2014 Footprint realignment plans: 2019 Footprint realignment plan 2018 Footprint realignment plan 2014 Footprint realignment plan Balance at December 31, 2018 $ — $ 48,474 $ 3,936 Subsequent accruals 13,753 (939) 313 Cash payments (1,602) (3,628) (580) Foreign currency translation (281) 367 — Balance at December 31, 2019 11,870 44,274 3,669 Subsequent accruals 1,542 5,948 606 Cash payments (5,532) (4,281) (682) Foreign currency translation and other 174 4,140 — Balance at December 31, 2020 (1) $ 8,054 $ 50,081 $ 3,593 (1) The restructuring reserves as of December 31, 2020 , 2019 and 2018 consisted mainly of accruals related to termination benefits. Most of the Other costs (facility closure, employee relocation, equipment relocation and outplacement costs) were expensed and paid in the same period. The restructuring and impairment charges recognized for the years ended December 31, 2020, 2019, and 2018 consisted of the following: 2020 Termination benefits Other Costs (1) Total 2020 Workforce reduction plan $ 8,494 $ 353 $ 8,847 2019 Footprint realignment plan 647 895 1,542 2018 Footprint realignment plan 5,565 383 5,948 Other restructuring programs (2) (72) 838 766 Total restructuring charges 14,634 2,469 17,103 Asset impairment charges — 21,388 21,388 Total restructuring and impairment charges $ 14,634 $ 23,857 $ 38,491 2019 Termination benefits Other Costs (1) Total 2019 Footprint realignment plan $ 13,683 $ 70 $ 13,753 2018 Footprint realignment plan (1,787) 848 (939) Other restructuring programs (3) 787 1,638 2,425 Total restructuring charges 12,683 2,556 15,239 Asset impairment charges — 6,966 6,966 Total restructuring and impairment charges $ 12,683 $ 9,522 $ 22,205 2018 Termination benefits Other Costs (1) Total 2018 Footprint realignment plan $ 53,992 $ 1,001 $ 54,993 Other restructuring programs (4) 3,820 1,307 5,127 Total restructuring charges 57,812 2,308 60,120 Asset impairment charges — 19,110 19,110 Total restructuring and impairment charges $ 57,812 $ 21,418 $ 79,230 (1) Includes facility closure, contract termination and other exit costs. (2) Includes activity primarily related to the 2016 and 2014 Footprint realignment plans. (3) Includes the program initiated during third quarter of 2019, the 2017 Vascular Solutions integration program as well as the 2016 and 2014 Footprint realignment plans. (4) Includes activity primarily related to the 2016 Footprint realignment plan, which is substantially complete, and the 2014 Footprint realignment plan, as well as the 2017 Vascular Solutions integration program and the 2017 EMEA restructuring program. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories at December 31, 2020 and 2019 consist of the following: 2020 2019 Raw materials $ 132,370 $ 114,302 Work-in-process 75,874 71,479 Finished goods 304,952 290,776 Inventories $ 513,196 $ 476,557 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment The major classes of property, plant and equipment, at cost, at December 31, 2020 and 2019 were as follows: 2020 2019 Land, buildings and leasehold improvements $ 272,637 $ 248,067 Machinery and equipment 496,664 443,612 Computer equipment and software 172,913 158,574 Construction in progress 84,336 63,991 1,026,550 914,244 Less: Accumulated depreciation (552,638) (483,525) Property, plant and equipment, net $ 473,912 $ 430,719 |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and other intangible assets Changes in the carrying amount of goodwill, by reportable operating segment, for the years ended December 31, 2020 and 2019 were as follows: Americas EMEA Asia OEM Total Balance as of December 31, 2018 Goodwill $ 1,881,662 $ 480,615 $ 211,547 $ 4,883 $ 2,578,707 Accumulated impairment losses (332,128) — — — (332,128) 1,549,534 480,615 211,547 4,883 2,246,579 Goodwill related to acquisitions 439 189 1,205 — 1,833 Translation and other adjustments 952 (5,032) 973 — (3,107) Balance as of December 31, 2019 1,550,925 475,772 213,725 4,883 2,245,305 Goodwill related to acquisitions 149,877 22,364 15,698 107,127 295,066 Translation and other adjustments (520) 38,092 8,023 — 45,595 Balance as of December 31, 2020 $ 1,700,282 $ 536,228 $ 237,446 $ 112,010 $ 2,585,966 Intangible assets at December 31, 2020 and 2019 consisted of the following: Gross Carrying Amount Accumulated Amortization 2020 2019 2020 2019 Customer relationships $ 1,377,943 $ 1,021,852 $ (425,692) $ (367,585) In-process research and development 29,627 27,940 — — Intellectual property 1,458,924 1,351,990 (479,612) (402,340) Distribution rights 23,866 23,369 (20,280) (18,859) Trade names 619,847 563,315 (65,955) (50,718) Non-compete agreements 24,592 22,618 (23,514) (15,297) $ 3,534,799 $ 3,011,084 $ (1,015,053) $ (854,799) As of December 31, 2020, trade names having a carrying value of $239.1 million are considered indefinite-lived. Acquired IPR&D is indefinite-lived until the completion of the related development project, at which point amortization of the carrying value of the technology will commence. Amortization expense related to intangible assets was $158.7 million, $150.0 million, and $149.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Estimated annual amortization expense for each of the five succeeding years is as follows: 2021 $ 167,000 2022 165,300 2023 160,300 2024 159,100 2025 158,100 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases We have operating leases for various types of properties, consisting of manufacturing plants, engineering and research centers, distribution warehouses, offices and other facilities, and equipment used in operations. Some leases provide us with an option, exercisable at our sole discretion, to terminate the lease or extend the lease term for one Maturities of lease liabilities December 31, 2020 2021 $ 26,178 2022 23,540 2023 18,222 2024 14,047 2025 7,853 2026 and thereafter 36,131 Total lease payments 125,971 Less: interest (17,228) Present value of lease liabilities $ 108,743 Supplemental information December 31, 2020 December 31, 2019 Total lease liabilities (1) $ 108,743 $ 122,221 Cash paid for amounts included in the measurement of lease liabilities within operating cash flows $ 28,276 $ 26,458 Right of use assets obtained in exchange for operating lease obligations $ 8,904 $ 37,673 Weighted average remaining lease term 6.7 years 7.2 years Weighted average discount rate 4.0 % 4.4 % (1) The current portion of the operating lease liability is included in other current liabilities . |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Our borrowings at December 31, 2020 and 2019 were as follows: 2020 2019 Senior Credit Facility: Revolving credit facility, at a rate of 1.66% at December 31, 2020, and 3.12% at December 31, 2019, due 2024 $ 350,000 $ 300,000 Term loan facility, at a rate of 1.65% at December 31, 2020 and 3.17% at December 31 2019, 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 1.24% at December 31, 2020 and 2.51% at December 31, 2019 75,000 50,000 2,498,000 1,923,000 Less: Unamortized debt issuance costs (19,612) (14,057) 2,478,388 1,908,943 Current portion of borrowings (100,500) (50,000) Long-term borrowings $ 2,377,888 $ 1,858,943 Senior credit facility In 2019, we amended and restated our existing credit agreement by entering into a Second Amended and Restated Credit Agreement (the "Credit Agreement"), which provides for a five-year revolving credit facility of $1.0 billion and a term loan facility of $700.0 million (the "Credit Agreement").Our obligations under the Credit Agreement are guaranteed (subject to certain exceptions and limitations) by substantially all of our material domestic subsidiaries. The obligations under the Credit Agreement are secured, subject to certain exceptions and limitations, by a lien on substantially all of the assets owned by us and each guarantor. The maturity date of the revolving credit facility and the term loan facility under the Credit Agreement is April 5, 2024. At our option, loans under the Credit Agreement will bear interest at a rate equal to adjusted LIBOR plus an applicable margin ranging from 1.25% to 2.00% or at an alternate base rate, which generally is defined as the highest of (i) the “Prime Rate” in the U.S. last quoted by The Wall Street Journal, (ii) 0.5% above the greater of the federal funds rate and the rate comprised of both overnight federal funds and overnight eurodollar borrowings and (iii) 1% above adjusted LIBOR for a one month interest period, plus in each case an applicable margin ranging from 0.125% to 1.00%, in each case subject to adjustments based on our consolidated total net leverage ratio. Overdue loans will bear interest at the rate otherwise applicable to such loans plus 2.00%. The Credit Agreement contains customary representations and warranties and covenants that, in each case, subject to certain exceptions, qualifications and thresholds, (a) place limitations on us regarding the incurrence of additional indebtedness, additional liens, fundamental changes, dispositions of property, investments and acquisitions, dividends and other restricted payments, transactions with affiliates, restrictive agreements, changes in lines of business and swap agreements, and (b) require us to comply with sanction laws and other laws and agreements, to deliver financial information and certain other information and give notice of certain events, to maintain their existence and good standing, to pay their other obligations, to permit the administrative agent and the lenders to inspect their books and property, to use the proceeds of the Credit Agreement only for certain permitted purposes and to provide collateral in the future. Subject to certain exceptions, we are required to maintain a maximum consolidated total net leverage ratio of 4.50 to 1.00. We are further required to maintain a minimum consolidated interest coverage ratio of 3.50 to 1.00. 4.875% Senior notes due 2026 In 2016, we issued $400.0 million of 4.875% Senior Notes due 2026 (the "2026 Notes"). We pay interest on the 2026 Notes semi-annually on June 1 and December 1 at a rate of 4.875% per year. The 2026 Notes mature on June 1, 2026, unless earlier redeemed by us at our option, as described below, or purchased by us at the holder’s option under specified circumstances following a Change of Control or Asset Sale (each as defined in the Indenture related to the 2026 Notes) or upon our election to exercise its optional redemption rights, as described below. Our obligations under the 2026 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 the other 100% owned domestic subsidiaries. At any time on or after June 1, 2021, we may, on one or more occasions, redeem some or all of the 2026 Notes at a redemption price of 102.438% of the principal amount of the 2026 Notes subject to redemption, declining, in annual increments of 0.813%, to 100% of the principal amount on June 1, 2024, plus accrued and unpaid interest. In addition, at any time prior to June 1, 2021, we may, on one or more occasions, redeem some or all of the 2026 Notes at a redemption price equal to 100% of the principal amount of the 2026 Notes redeemed, plus a “make-whole” premium and any accrued and unpaid interest. The “make-whole” premium is the greater of (a) 1.0% of the principal amount of the 2026 Notes subject to redemption or (b) the excess, if any, over the principal amount of the 2026 Notes of the present value, on the redemption date of the sum of (i) the June 1, 2021 optional redemption price plus (ii) all required interest payments on the 2026 Notes through June 1, 2021 (other than accrued and unpaid interest to the redemption date), generally computed using a discount rate equal to the yield to maturity of U.S. Treasury securities with a constant maturity for the period most nearly equal to the period from the redemption date to June 1, 2021 (unless the period is less than one year, in which case the weekly average yield on traded U.S. Treasury securities adjusted to a constant maturity of one year will be used), plus 50 basis points. The indenture relating to the 2026 Notes contains covenants that, among other things and subject to certain exceptions, limit or restrict our ability to incur additional debt or issue preferred stock or other disqualified stock; create liens; merge, consolidate or dispose of certain assets, make investments or make other restricted payments; or enter into transactions with affiliates. 4.625% Senior notes due 2027 In 2017, we issued $500.0 million of 4.625% Senior Notes due 2027 (the "2027 Notes"). We pay interest on the 2027 Notes semi-annually on May 15 and November 15, commencing on May 15, 2018, at a rate of 4.625% per year. The 2027 Notes mature on November 15, 2027 unless earlier redeemed by us at our option, as described below, or purchased by us at the holder’s option under specified circumstances following a Change of Control or Asset Sale (each as defined in the indenture related to the 2027 Notes), coupled with a downgrade in the ratings of the 2027 Notes, or upon our election to exercise our optional redemption rights, as described below. We incurred transaction fees of $7.9 million, including underwriters’ discounts and commissions, in connection with the offering of the 2027 Notes, which were recorded on the consolidated balance sheet as a reduction to long-term borrowings and are being amortized over the term of the 2027 Notes. We used the net proceeds from the offering to repay borrowings under our revolving credit facility. Our obligations under the 2027 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 November 15, 2022, we may, on one or more occasions, redeem some or all of the 2027 Notes at a redemption price of 102.313% of the principal amount of the 2027 Notes subject to redemption, declining, in annual increments of 0.771%, to 100% of the principal amount on November 15, 2025, plus accrued and unpaid interest. In addition, at any time prior to November 15, 2022, we may, on one or more occasions, redeem some or all of the 2027 Notes at a redemption price equal to 100% of the principal amount of the 2027 Notes redeemed, plus a “make-whole” premium and any accrued and unpaid interest. The “make-whole” premium is the greater of (a) 1.0% of the principal amount of the 2027 Notes subject to redemption or (b) the excess, if any, over the principal amount of the 2027 Notes of the present value, on the redemption date of the sum of (i) the November 15, 2022 optional redemption price plus (ii) all required interest payments on the 2027 Notes through November 15, 2022 (other than accrued and unpaid interest to the redemption date), generally computed using a discount rate equal to the yield to maturity of U.S. Treasury securities with a constant maturity for the period most nearly equal to the period from the redemption date to November 15, 2022 (unless the period is less than one year, in which case the weekly average yield on traded U.S. Treasury securities adjusted to a constant maturity of one year will be used), plus 50 basis points. In addition, at any time prior to November 15, 2020, we may, on one or more occasions, redeem up to 40% of the aggregate principal amount of the 2027 Notes, using the proceeds of specified types of Company equity offerings and subject to specified conditions, at a redemption price equal to 104.625% of the principal amount of the Notes redeemed, plus accrued and unpaid interest. The indenture relating to the 2027 Notes contains covenants that, among other things and subject to certain exceptions, limit or restrict our ability to create liens; merge, consolidate, sell or otherwise dispose of all or substantially all of our assets; or enter into sale leaseback transactions. 4.25% Senior Notes due 2028 In 2020, we issued $500.0 million of 4.25% Senior Notes due 2028 (the "2028 Notes"). We 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 $8.5 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 We have an accounts receivable securitization facility under which accounts receivable of certain domestic subsidiaries are sold on a non-recourse basis to a special purpose entity (“SPE”), which is a bankruptcy-remote, consolidated subsidiary of Teleflex. Accordingly, the assets of the SPE are not available to satisfy the obligations of Teleflex or any of its subsidiaries. The SPE sells undivided interests in those receivables to an asset backed commercial paper conduit for consideration of up to the maximum available capacity. On March 30, 2020, we amended our accounts receivable securitization facility to increase the maximum available capacity from $50 million to $75 million. This facility is utilized from time to time to provide increased flexibility in funding short term working capital requirements. The agreement governing the accounts receivable securitization facility contains certain covenants and termination events. An occurrence of an event of default or a termination event under this facility may give rise to the right of its counterparty to terminate this facility. As of December 31, 2020, we were in compliance with the covenants, and none of the termination events had occurred. As of December 31, 2020 and 2019, we had $75.0 million and $50.0 million, respectively, (the maximum amount available) of outstanding borrowings under its accounts receivable securitization facility. Fair value of long-term debt To determine the fair value of our debt for which quoted prices are not available, we use a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration, optionality and risk profile. Our implied credit rating is a factor in determining the market interest yield curve. The following table provides the fair value of our debt as of December 31, 2020 and 2019, which is valued based on Level 2 inputs within the hierarchy used to measure fair value (see Note 12 to the consolidated financial statements for further information): December 31, 2020 December 31, 2019 Fair value of debt $ 2,586,058 $ 1,974,918 Debt Maturities As of December 31, 2020, the aggregate amounts of long-term debt, demand loans and debt under our securitization program that will mature during each of the next four years and thereafter were as follows: 2021 $ 100,500 2022 35,000 2023 43,750 2024 918,750 2025 and thereafter 1,400,000 Supplemental cash flow information Year Ended December 31, 2020 2019 2018 Cash interest paid $ 79,533 $ 95,954 $ 101,790 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 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 flows hedges are used to manage foreign currency transaction exposure. Foreign currency forward contracts not designated as hedges for accounting purposes are used to manage exposure related to near term foreign currency denominated monetary assets and liabilities. We enter into the non-designated foreign currency forward contracts for periods consistent with its currency exposures, which generally approximate one month. For the years ended December 31, 2020 and 2019, we recognized losses related to non-designated foreign currency forward contracts of $1.8 million and $3.8 million, respectively. The total notional amount for all open foreign currency forward contracts designated as cash flow hedges as of December 31, 2020 and 2019 was $129.5 million and $132.0 million, respectively. The total notional amount for all open non-designated foreign currency forward contracts as of December 31, 2020 and 2019 was $163.5 million and $145.1 million, respectively. All open foreign currency forward contracts as of December 31, 2020 have durations of 12 months or less. Cross-currency interest rate swaps During 2019, we entered into cross-currency swap agreements with five different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Under the terms of the cross-currency swap agreements, we have notionally exchanged $250 million at an annual interest rate of 4.8750% for €219.2 million at an annual interest rate of 2.4595%. The swap agreements are designed as net investment hedges and expire on March 4, 2024. During 2018, we entered into cross-currency swap agreements with six different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Under the terms of the cross-currency swap agreements, we have notionally exchanged $500 million at an annual interest rate of 4.625% for €433.9 million at an annual interest rate of 1.942%. The swap agreements are designated 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") while the accrued interest is recognized in interest expense in the statement of operations. For the years ended December 31, 2020 and 2019, we recognized a foreign exchange loss of $37.3 million and a gain of $20.8 million, respectively, in foreign currency translation adjustments within AOCI related to the cross-currency swaps. For the years ended December 31, 2020 and 2019, we recognized $14.5 million and $18.9 million, respectively, in interest benefit related to the cross-currency swaps. Balance sheet presentation The following table presents the locations in the consolidated balance sheets and fair value of derivative instruments as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Asset derivatives: Designated foreign currency forward contracts $ 1,691 $ 1,659 Non-designated foreign currency forward contracts 61 192 Cross-currency interest rate swap 20,106 21,575 Prepaid expenses and other current assets 21,858 23,426 Cross-currency interest rate swap — 13,066 Other assets — 13,066 Total asset derivatives $ 21,858 $ 36,492 Liability derivatives: Designated foreign currency forward contracts $ 1,504 $ 1,285 Non-designated foreign currency forward contracts 366 102 Other current liabilities 1,870 1,387 Cross-currency interest rate swap 34,125 — Other liabilities 34,125 — Total liability derivatives $ 35,995 $ 1,387 See Note 13 for information on the location and amount of gains and losses attributable to derivatives that were reclassified from AOCI to expense (income), net of tax. For the years ended December 31, 2020, 2019 and 2018, there was no ineffectiveness related to our hedging derivatives. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | Fair value measurement Fair value is the price that would be received from the sale of an asset or paid to transfer a liability, using assumptions that market participants would use in pricing an asset or liability. Under GAAP, there is a three-level hierarchy of the inputs (i.e., assumptions that market participants would use in pricing an asset or liability) used to measure fair value. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the entire fair value measurement. The levels of inputs within the hierarchy used to measure fair value are as follows: Level 1 — inputs to the fair value measurement that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — inputs to the fair value measurement that include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 — inputs to the fair value measurement that are unobservable inputs for the asset or liability. The following tables provide information regarding our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019: Basis of fair value measurement December 31, 2020 (Level 1) (Level 2) (Level 3) Investments in marketable securities $ 12,617 $ 12,617 $ — $ — Derivative assets 21,858 — 21,858 — Derivative liabilities 35,995 — 35,995 — Contingent consideration liabilities 36,633 — — 36,633 Basis of fair value measurement December 31, 2019 (Level 1) (Level 2) (Level 3) 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 There were no transfers of financial assets or liabilities into or out of Level 3 within the fair value hierarchy during the years ended December 31, 2020 or 2019. 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 Company 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 forward contracts and cross-currency interest rate swap agreements to manage foreign currency transaction exposure as well as exposure to foreign currency denominated monetary assets and liabilities. We measure the fair value of the foreign currency forward and cross-currency swap agreements by calculating the amount required to enter into offsetting contracts with similar remaining maturities, based on quoted market prices, and taking into account the creditworthiness of the counterparties. Our financial liabilities valued based upon Level 3 inputs are comprised of contingent consideration arrangements pertaining to our acquisitions. 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. As of December 31, 2020, the maximum amount we could be required to pay under the contingent consideration arrangements related to the Essential Medical and Z-Medica acquisitions was $91.9 million. See Note 17 for additional information regarding the revenue-based milestone goals related to our acquisition of Essential Medical. 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 payment Discounted cash flow Discount rate 1.3% - 2.3% (1.5%) Projected year of payment 2021 - 2023 Revenue-based Monte Carlo simulation Revenue volatility 22.4% Risk free rate Cost of debt structure Projected year of payment 2021 - 2022 Discounted cash flow Discount rate 6.5% - 10.0% (9.1%) Projected year of payment 2021 - 2029 The following table provides information regarding changes in our contingent consideration liabilities for the years ended December 31, 2020 and 2019: 2020 2019 Beginning balance – January 1 $ 219,908 $ 304,248 Payments (1) (146,971) (138,171) Initial estimate upon acquisition and revaluations (36,714) 53,915 Translation adjustment 410 (84) Ending balance – December 31 $ 36,633 $ 219,908 (1) Consists mainly of a $140.6 million payment associated with our acquisition of NeoTract, Inc. ("Neotract") and resulting from the achievement of a revenue-based goal for the period from January 1, 2019 to December 31, 2019. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' equity | Shareholders' equity Our authorized capital is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average shares outstanding: 2020 2019 2018 Basic 46,488 46,200 45,689 Dilutive effect of share based awards 799 890 970 Dilutive effect of convertible notes and warrants — — 142 Diluted 47,287 47,090 46,801 Weighted average shares that were antidilutive and therefore excluded from the calculation of diluted earnings per share were 0.1 million, 0.1 million and 0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following tables provides information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2020 and 2019: Cash Flow Hedges Pension and Other Postretirement Benefit Plans Foreign Currency Translation Adjustment Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2018 $ 807 $ (131,380) $ (210,512) $ (341,085) Other comprehensive income (loss) before reclassifications 1,062 (12,811) 4,195 (7,554) Amounts reclassified from accumulated other comprehensive (loss) income (1,134) 5,381 — 4,247 Net current-year other comprehensive (loss) income (72) (7,430) 4,195 (3,307) Balance at December 31, 2019 735 (138,810) (206,317) (344,392) Other comprehensive (loss) income before reclassifications (3,331) (17,032) 59,758 39,395 Amounts reclassified from accumulated other comprehensive income 2,114 5,585 — 7,699 Net current-year other comprehensive (loss) income (1,217) (11,447) 59,758 47,094 Balance at December 31, 2020 $ (482) $ (150,257) $ (146,559) $ (297,298) The following table provides information relating to the losses (gains) recognized in the statements of income including the reclassifications of losses (gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Losses (gains) on designated foreign exchange forward contracts: Cost of goods sold $ 2,354 $ (1,284) $ (2,270) Total before tax 2,354 (1,284) (2,270) Taxes (benefit) expense (240) 150 163 Net of tax $ 2,114 $ (1,134) $ (2,107) Amortization of pension and other postretirement benefits items: Actuarial losses (1) $ 7,253 $ 6,930 $ 7,305 Prior-service credits (1) 33 82 251 Total before tax 7,286 7,012 7,556 Tax benefit (1,701) (1,631) (1,733) Net of tax $ 5,585 $ 5,381 $ 5,823 Impact on income from continuing operations, net of tax $ 7,699 $ 4,247 $ 3,716 (1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 16 for additional information). |
Stock compensation plans
Stock compensation plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock compensation plans | Stock compensation plans In May 2014, our stockholders approved the Teleflex Incorporated 2014 Stock Incentive Plan (the "2014 Plan") which replaced the 2008 Stock Incentive Plan and 2000 Stock Compensation Plan (the "Prior Plans"), under which stock options and restricted stock awards previously were granted. The 2014 Plan provides for several different kinds of awards, including stock options, stock appreciation rights, stock awards and other stock-based awards to directors, officers and key employees. Under the 2014 Plan, we are authorized to issue up to 5.3 million shares of common stock, subject to adjustment in accordance with special share counting rules in the 2014 Plan that, among other things, (i) count shares underlying a stock option or stock appreciation right (each, an "option award") as one share and each share underlying any other type of award (a "stock award") as 1.8 shares, (ii) increase the shares we are authorized to issue by one or 1.8 shares for each share underlying an option award or stock award, respectively, under the Prior Plans that have been canceled, expired, settled in cash or forfeited after December 31, 2013 and (iii) decrease the number of shares we are authorized to issue by one share and 1.8 shares for each share underlying an option award or stock award, respectively, granted under the Prior Plans between January 1, 2014 and the May 2, 2014 adoption of the 2014 Plan by our stockholders. Options granted under the 2014 Plan have an exercise price equal to the closing price of the common stock on the date of the grant. In 2020, we granted, under the 2014 Plan, non-qualified options to purchase 130,206 shares of common stock and granted restricted stock units relating to 52,464 shares of common stock under the 2014 Plan. We also granted performance share units (“PSUs”), as described in the following paragraph. In 2018, we began granting PSUs to specified senior managers. The PSUs are designed to provide further incentive to our senior management with respect to achievement of the long term financial objectives. The PSU component of the equity incentive program is designed to provide shares of our common stock to the holder based upon our achievement of certain financial performance criteria during a designated performance period of three years. The number of shares to be awarded under the PSUs granted are subject to modification based upon our total stockholder return relative to a designated group of public companies. Assuming target performance is achieved, a total of 25,818 shares of common stock would be issuable in respect of the PSUs granted and a maximum of 64,562 shares would be issuable in respect of such PSUs upon achievement of maximum performance levels. The following table summarizes the share-based compensation activity: 2020 2019 2018 (Dollars in millions) Share-based compensation expense $ 20.7 $ 26.9 $ 22.4 Total income tax benefit recognized for share-based compensation arrangements 22.0 21.1 20.7 Net excess tax benefit 17.5 15.4 15.9 The unrecognized compensation expense for all awards granted in 2020 as of the grant date was $30.4 million, which will be recognized over the vesting period of the awards. As of December 31, 2020, 3,183,199 shares were available for future grants under the 2014 Plan. Option Awards The fair value of options granted in 2020, 2019 and 2018 was estimated at the date of grant using a Black-Scholes option pricing model. The following weighted-average assumptions were used: 2020 2019 2018 Risk-free interest rate 1.16 % 2.44 % 2.67 % Expected life of option 5.00 years 4.99 years 4.98 years Expected dividend yield 0.39 % 0.47 % 0.54 % Expected volatility 23.98 % 23.92 % 22.65 % The following table summarizes the option activity during 2020: Shares Subject to Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life In Years Aggregate Intrinsic Value Outstanding, beginning of the year 1,325,532 $ 161.91 Granted 130,206 347.64 Exercised (289,324) 106.79 Forfeited or expired (9,099) 290.49 Outstanding, end of the year 1,157,315 195.57 5.71 $ 249,979 Exercisable, end of the year 903,680 $ 163.27 4.94 $ 224,388 The weighted average grant date fair value for options granted during 2020, 2019 and 2018 was $74.60, $68.22 and $58.16, respectively. The total intrinsic value of options exercised during 2020, 2019 and 2018 was $77.9 million, $64.3 million and $69.4 million, respectively. We recorded $9.4 million of expense related to options during 2020, which is included in cost of goods sold or selling, general and administrative expenses. As of December 31, 2020, the unamortized share-based compensation cost related to non-vested stock options, net of expected forfeitures, was $9.4 million, which is expected to be recognized over a weighted-average period of 1.45 years. Authorized but unissued shares of our common stock are issued upon exercises of options. Stock Awards The fair value of PSUs granted in 2019 was determined using a Monte Carlo simulation valuation model. The grant date fair value for these awards was $362.78. The fair value for restricted stock units granted in 2020, 2019 and 2018 was estimated at the date of grant based on the market price for the underlying stock on the grant date discounted for the risk free interest rate and the present value of expected dividends over the vesting period. The following weighted-average assumptions were used: 2020 2019 2018 Risk-free interest rate 1.07 % 2.41 % 2.41 % Expected dividend yield 0.38 % 0.46 % 0.53 % The following table summarizes the non-vested restricted stock unit activity during 2020: Number of Non-Vested Shares Weighted Average Grant-Date Fair Value Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding, beginning of the year 177,348 $ 240.17 Granted 52,464 344.70 Vested (67,851) 195.95 Forfeited (10,718) 285.37 Outstanding, end of the year 151,243 $ 293.06 1.2 $ 62,236 We issued 52,464, 69,799 and 62,221 of non-vested restricted stock units in 2020, 2019 and 2018, respectively, the majority of which provide for vesting as to all underlying shares on the third anniversary of the grant date. The weighted average grant-date fair value for non-vested restricted stock units granted during 2020, 2019 and 2018 was $344.70, $286.51 and $250.66, respectively. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The following table summarizes the components of the provision for income taxes from continuing operations: 2020 2019 2018 Current: Federal $ 11,148 $ 19,374 $ (1,525) State 9,644 8,220 1,432 Non-U.S. 35,042 23,690 29,353 Deferred: Federal (9,475) (2,041) (5,124) State (13,734) (28,277) (5,114) Non-U.S. (10,694) (143,044) 4,174 $ 21,931 $ (122,078) $ 23,196 At December 31, 2020, the cumulative unremitted earnings of subsidiaries outside the U.S. that are considered non-permanently reinvested and for which taxes have been provided approximated $1.7 billion. At December 31, 2020, the cumulative unremitted earnings of subsidiaries outside the U.S. that are considered permanently reinvested approximated $0.7 billion. Earnings considered permanently reinvested are expected to be reinvested indefinitely and, as a result, no additional deferred tax liability has been recognized with regard to these earnings. It is not practical to determine the deferred income tax liability on these earnings if, in the future, they are remitted to the U.S. because the income tax liability to be incurred, if any, is dependent on circumstances existing when remittance occurs. The following table summarizes the U.S. and non-U.S. components of income from continuing operations before taxes: 2020 2019 2018 U.S. $ 233,034 $ 89,021 $ 37,201 Non-U.S. 124,698 250,882 182,427 $ 357,732 $ 339,903 $ 219,628 Reconciliations between the statutory federal income tax rate and the effective income tax rate are as follows: 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % Tax effect of international items (5.3) (11.3) (3.3) Impacts of the TCJA (1) — — (1.0) Foreign Merger - Deferred Taxes (2) — (38.0) — Excess tax benefits related to share-based compensation (4.9) (4.5) (7.2) State taxes, net of federal benefit (0.3) (4.9) (0.1) Uncertain tax contingencies (0.5) — (0.4) Contingent consideration (2.2) 3.4 5.3 Intellectual property impairment charge (1.2) — (2.0) Research and development tax credit (1.1) (1.1) (1.6) Other, net 0.6 (0.5) (0.1) 6.1 % (35.9) % 10.6 % (1) U.S. tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "TCJA") was enacted on December 22, 2017. The legislation significantly changed U.S. tax law by, among other things, reducing the corporate income tax rate and imposing a one-time repatriation tax on undistributed post-1986 non-U.S. subsidiary earnings and profits. This legislation required significant one-time adjustments to our consolidated tax provision. (2) During 2019, we recognized a discrete tax benefit of $129.0 million resulting from a non-U.S. legal entity restructuring that eliminated the requirement to provide for withholding taxes on the future repatriation of certain non-permanently reinvested earnings. The effective income tax rate for 2020 was 6.1% compared to (35.9)% for 2019. Taxes on income from continuing operations in 2020 reflects non-taxable contingent consideration adjustments, recognized in connection with a decrease in the fair value of our contingent consideration liabilities. The effective income tax rate for 2019 reflects a tax benefit of $129.0 million resulting from a non-U.S. legal entity restructuring that eliminated the requirement to provide for withholding taxes on the future repatriation of certain non-permanently reinvested earnings. Additionally the effective tax rates for both 2020 and 2019 reflect a net excess tax benefit related to share-based compensation and a tax benefit relating to the revaluation of state deferred tax assets and liabilities due to business integrations and other changes. We are routinely subject to examinations by various taxing authorities. In conjunction with these examinations and as a regular practice, we establish and adjust reserves with respect to its uncertain tax positions to address developments related to those positions. We realized a net benefit of $1.7 million, $0.1 million and $0.8 million in 2020, 2019 and 2018 respectively, as a result of reducing our reserves with respect to uncertain tax positions, principally due to the expiration of a number of applicable statutes of limitations. The following table summarizes significant components of our deferred tax assets and liabilities at December 31, 2020 and 2019: 2020 2019 Deferred tax assets: Tax loss and credit carryforwards $ 180,782 $ 174,997 Lease assets 25,429 28,577 Pension 12,237 14,971 Reserves and accruals 72,931 60,799 Other 7,996 3,207 Less: valuation allowances (155,008) (119,233) Total deferred tax assets 144,367 163,318 Deferred tax liabilities: Property, plant and equipment 25,633 23,053 Intangibles — stock acquisitions 476,150 441,079 Unremitted non-U.S. earnings 91,539 81,967 Lease liabilities 25,429 28,577 Other 2,221 22,628 Total deferred tax liabilities 620,972 597,304 Net deferred tax liability $ (476,605) $ (433,986) Under the tax laws of various jurisdictions in which we operate, deductions or credits that cannot be fully utilized for tax purposes during the current year may be carried forward, subject to statutory limitations, to reduce taxable income or taxes payable in a future tax year. At December 31, 2020, the tax effect of such carryforwards approximated $180.8 million. Of this amount, $14.4 million has no expiration date, $9.1 million expires after 2020 but before the end of 2025 and $157.3 million expires after 2025. A portion of these carryforwards consists of tax losses and credits obtained by us as a result of acquisitions; the utilization of these carryforwards are subject to an annual limitation imposed by Section 382 of the Internal Revenue Code, which limits a company’s ability to deduct prior net operating losses following a more than 50 percent change in ownership. It is not expected that the Section 382 limitation will prevent us ultimately from utilizing the applicable loss carryforwards. The determination of state net operating loss carryforwards is dependent upon the U.S. subsidiaries’ taxable income or loss, the state’s proportion of each subsidiary's taxable net income and the application of state laws, which can change from year to year and impact the amount of such carryforward. The valuation allowance for deferred tax assets of $155.0 million and $119.2 million at December 31, 2020 and 2019, respectively, relates principally to the uncertainty of our ability to utilize certain deferred tax assets, primarily tax loss and credit carryforwards in various jurisdictions. The valuation allowance was calculated in accordance with applicable accounting standards, which require that a valuation allowance be established and maintained when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. Uncertain Tax Positions : The following table is a reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Balance at January 1 $ 7,561 $ 8,106 $ 9,336 Increase in unrecognized tax benefits related to prior years 1,286 351 — Decrease in unrecognized tax benefits related to prior years — (201) — Unrecognized tax benefits related to the current year — 1,237 899 Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations (1,864) (1,881) (1,955) Increase (decrease) in unrecognized tax benefits due to foreign currency translation 247 (51) (174) Balance at December 31 $ 7,230 $ 7,561 $ 8,106 The total liabilities associated with the unrecognized tax benefits that, if recognized, would impact the effective tax rate for continuing operations, were $4.4 million at December 31, 2020. We accrue interest and penalties associated with unrecognized tax benefits in income tax expense in the consolidated statements of income, and the corresponding liability is included in the consolidated balance sheets. The net interest expense (benefit) and penalties reflected in income from continuing operations for the year ended December 31, 2020 was $0.2 million and $(0.5) million, respectively; for the year ended December 31, 2019 was $0.2 million and $(0.1) million, respectively; and for the year ended December 31, 2018 was $0.2 million and $(0.3) million, respectively. The liabilities in the consolidated balance sheets for interest and penalties at December 31, 2020 were $0.6 million and $2.1 million, respectively, and at December 31, 2019 were $0.6 million and $2.2 million, respectively. The taxable years for which the applicable statute of limitations remains open by major tax jurisdictions are as follows: Beginning Ending U.S. 2017 2020 Canada 2016 2020 China 2015 2020 Czech Republic 2017 2020 France 2018 2020 Germany 2011 2020 India 2002 2020 Ireland 2016 2020 Italy 2016 2020 Malaysia 2016 2020 Singapore 2016 2020 We are routinely subject to income tax examinations by various taxing authorities. As of December 31, 2020, the most significant tax examinations in process were in Ireland and Germany. The date at which this examination may be concluded and the ultimate outcome of the examination are uncertain. As a result of the uncertain outcome of this ongoing examination, future examinations or the expiration of statutes of limitation, it is reasonably possible that the related unrecognized tax benefits for tax positions taken could materially change from those recorded as liabilities at December 31, 2020. Due to the potential for resolution of certain examinations, and the expiration of various statutes of limitation, it is reasonably possible that our unrecognized tax benefits may change within the next year by a range of zero to $0.7 million. Supplemental cash flow information Year Ended December 31, 2020 2019 2018 Income taxes paid, net of refunds $ 77,163 $ 73,632 $ 65,605 |
Pension and other postretiremen
Pension and other postretirement benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and other postretirement benefits | Pension and other postretirement benefits We have a number of defined benefit pension and postretirement plans covering eligible U.S. and non-U.S. employees. The defined benefit pension plans are noncontributory. The benefits under these plans are based primarily on years of service and employees’ pay near retirement. Our funding policy for U.S. plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations. Obligations under non-U.S. plans are systematically provided for by depositing funds with trustees or by book reserves. As of December 31, 2020, no further benefits are being accrued under the U.S. defined benefit pension plans and the other postretirement benefit plans, other than certain postretirement benefit plans covering employees subject to a collective bargaining agreement. Teleflex and certain of our subsidiaries provide medical, dental and life insurance benefits to pensioners or their survivors. The associated plans are unfunded and approved claims are paid from our funds. The following table provides information regarding the components of the net benefit (income) expense of the pension and postretirement benefit plans for the years ended December 31, 2020, 2019 and 2018: Pension Other Benefits 2020 2019 2018 2020 2019 2018 Service cost $ 1,416 $ 2,768 $ 1,500 $ — $ 9 $ 50 Interest cost 12,827 16,000 14,816 902 1,391 1,389 Expected return on plan assets (31,650) (27,426) (29,666) — — — Net amortization and deferral 7,447 7,013 6,777 (161) (1) 136 Curtailments — — — — — 677 Settlements — — 486 — — — Net benefit (income) expense $ (9,960) $ (1,645) $ (6,087) $ 741 $ 1,399 $ 2,252 Net benefit (income) expense is primarily included in selling, general and administrative expenses within the consolidated statements of income. The following table provides the weighted average assumptions for U.S. and foreign plans used in determining net benefit cost: Pension Other Benefits 2020 2019 2018 2020 2019 2018 Discount rate 3.2 % 4.3 % 3.6 % 3.1 % 4.2 % 3.6 % Rate of return 7.5 % 7.7 % 7.8 % Initial healthcare trend rate 7.0 % 7.4 % 7.8 % Ultimate healthcare trend rate 5.0 % 5.0 % 5.0 % The following table provides summarized information with respect to the pension and postretirement benefit plans, measured as of December 31, 2020 and 2019: Pension Other Benefits 2020 2019 2020 2019 Benefit obligation, beginning of year $ 470,236 $ 416,470 $ 40,042 $ 42,115 Service cost 1,416 2,768 — 9 Interest cost 12,827 16,000 902 1,391 Actuarial loss 36,726 57,525 964 1,551 Currency translation 2,273 229 — — Benefits paid (21,092) (20,350) (5,448) (5,090) Medicare Part D reimbursement — — 119 66 Plan amendments 47 — (4,658) — Administrative costs (1,086) (2,406) — — Projected benefit obligation, end of year 501,347 470,236 31,921 40,042 Fair value of plan assets, beginning of year 423,300 362,807 Actual return on plan assets 43,276 69,918 Contributions 12,490 12,695 Benefits paid (21,092) (20,350) Administrative costs (1,086) (2,406) Currency translation 738 636 Fair value of plan assets, end of year 457,626 423,300 Funded status, end of year $ (43,721) $ (46,936) $ (31,921) $ (40,042) The actuarial losses for pension for the years ended December 31, 2020 and 2019 were primarily due to a decrease in the discount rate used to measure the obligation, partially offset by a change in the mortality assumptions. The accumulated benefit obligations (ABO) and the projected benefit obligations (PBO) for plans with ABO and PBO in excess of plan assets were $481.0 million and $481.8 million, respectively, at December 31, 2020 and $451.8 million and $452.4 million respectively, at December 31, 2019. The fair value of plan assets for plans with PBO and ABO in excess of plan assets were $434.3 million and $403.0 million, respectively, at December 31, 2020 and December 31, 2019, respectively. The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the pension and postretirement plans: Pension Other Benefits 2020 2019 2020 2019 Other assets $ 3,703 $ 2,449 $ — $ — Payroll and benefit-related liabilities (1,721) (1,617) (3,125) (5,091) Pension and postretirement benefit liabilities (45,703) (47,768) (28,796) (34,951) Accumulated other comprehensive loss (gain) 232,540 213,989 (1,617) 1,916 $ 188,819 $ 167,053 $ (33,538) $ (38,126) The following tables set forth the amounts recognized in accumulated other comprehensive income with respect to the plans: Pension Prior Service Cost Net (Gain) or Loss Deferred Taxes Accumulated Other Comprehensive Balance at December 31, 2018 $ 191 $ 205,719 $ (74,429) $ 131,481 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (18) (6,995) 1,631 (5,382) Amounts arising during the period: Actuarial changes in benefit obligation — 15,033 (3,457) 11,576 Impact of currency translation — 59 (15) 44 Balance at December 31, 2019 173 213,816 (76,270) 137,719 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (15) (7,432) 1,738 (5,709) Amounts arising during the period: Actuarial changes in benefit obligation — 25,100 (5,875) 19,225 Plan amendments 47 — (9) 38 Impact of currency translation — 851 (241) 610 Balance at December 31, 2020 $ 205 $ 232,335 $ (80,657) $ 151,883 Other Benefits Prior Service Cost Net (Gain) or Loss Deferred Taxes Accumulated Other Comprehensive Balance at December 31, 2018 $ 71 $ 293 $ (465) $ (101) Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (64) 65 — 1 Amounts arising during the period: Actuarial changes in benefit obligation — 1,551 (360) 1,191 Balance at December 31, 2019 7 1,909 (825) 1,091 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (18) 179 (37) 124 Amounts arising during the period: Actuarial changes in benefit obligation — 964 (223) 741 Plan amendments (4,658) — 1,076 (3,582) Balance at December 31, 2020 $ (4,669) $ 3,052 $ (9) $ (1,626) The following table provides the weighted average assumptions for U.S. and foreign plans used in determining benefit obligations: Pension Other Benefits 2020 2019 2020 2019 Discount rate 2.5 % 3.2 % 2.3 % 3.1 % Rate of compensation increase 2.8 % 2.8 % Initial healthcare trend rate 6.4 % 6.6 % Ultimate healthcare trend rate 4.5 % 5.0 % The discount rate represents the interest rate used to determine the present value of future cash flows currently expected to be required to settle the pension and other benefit obligations. The weighted average discount rates for U.S. pension plans and other benefit plans of 2.64% and 2.29%, respectively, were established by comparing the projection of expected benefit payments to the AA Above Median yield curve as of December 31, 2020. The expected benefit payments are discounted by each corresponding discount rate on the yield curve. For payments beyond 30 years, we extend the curve assuming that the discount rate derived in year 30 is extended to the end of the plan’s payment expectations. Once the present value of the string of benefit payments is established, we determine the single rate on the yield curve that, when applied to all obligations of the plan, will exactly match the previously determined present value. As part of the evaluation of pension and other postretirement assumptions, we applied assumptions for mortality and healthcare cost trends that incorporate generational white and blue collar mortality trends. In determining its benefit obligations, we used generational tables that take into consideration increases in plan participant longevity. Our assumption for the expected return on plan assets is primarily based on the determination of an expected return for its current portfolio. This determination is made using assumptions for return and volatility of the portfolio. Asset class assumptions are set using a combination of empirical and forward-looking analysis. To the extent historical results have been affected by unsustainable trends or events, the effects of those trends are quantified and removed. We apply a variety of models for filtering historical data and isolating the fundamental characteristics of asset classes. These models provide empirical return estimates for each asset class, which are then reviewed and combined with a qualitative assessment of long term relationships between asset classes before a return estimate is finalized. The qualitative analysis is intended to provide an additional means for addressing the effect of unrealistic or unsustainable short-term valuations or trends, resulting in return levels and behavior we believe are more likely to prevail over long periods. Effective in 2021, we changed the expected return on plan assets of the U.S. pension plans from 7.75% to 7.00% due to modifications to the investment strategy in order to gradually reduce portfolio risk. The change had no impact on the results for the year ended December 31, 2020. The accumulated benefit obligation for all U.S. and foreign defined benefit pension plans was $500.6 million and $469.6 million for 2020 and 2019, respectively. All of the pension plans had accumulated benefit obligations in excess of their respective plan assets as of December 31, 2020 and 2019, with the exception of one foreign plan that had plan assets of $3.7 million and $2.4 million in excess of the accumulated benefit obligation as of December 31, 2020 and 2019, respectively. Our investment objective is to achieve an enhanced long-term rate of return on plan assets, subject to a prudent level of portfolio risk, for the purpose of enhancing the availability of benefits for participants. These investments are primarily comprised of equity and fixed income mutual funds. Our other investments are largely comprised of a hedge fund of funds and a structured credit fund. The equity funds are diversified in terms of domestic and international equity securities, as well as small, middle and large capitalization stocks. Our target allocation percentage is as follows: equity securities (41%); fixed-income securities (54%) and other securities (5%). Equity funds are held for their expected return over inflation. Fixed-income funds are held for diversification relative to equities and as a partial hedge of interest rate risk with respect to plan liabilities. The other investments are held to further diversify assets within the plans and are designed to provide a mix of equity and bond like return with a bond like risk profile. The plans may also hold cash to meet liquidity requirements. Actual performance may not be consistent with the respective investment strategies. Investment risks and returns are measured and monitored on an ongoing basis through annual liability measurements and investment portfolio reviews to determine whether the asset allocation targets continue to represent an appropriate balance of expected risk and reward. The following table provides the fair values of the pension plan assets at December 31, 2020 by asset category: Fair Value Measurements Asset Category (a) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash $ 582 $ 582 — — Money market funds 12 12 — — Equity securities: Managed volatility (b) 85,974 85,974 — — U.S. small/mid-cap equity (c) 11,780 11,780 — — World equity (excluding U.S.) (d) 59,467 59,467 — — Common equity securities – Teleflex Incorporated 29,592 29,592 — — Fixed income securities: Intermediate duration fund (e) 63,376 63,376 — — Long duration bond fund (f) 98,996 98,996 — — Corporate bond fund (g) 13,469 13,469 — — Emerging markets debt fund (i) 11,412 11,412 — — Corporate, government and foreign bonds 35,582 35,582 — — Asset backed – home loans 261 — $ 261 — Other types of investments: Multi asset funds (j) 8,890 4,057 4,833 — Contract with insurance company (k) 10,485 — — $ 10,485 Other 4 — — 4 Total investments at fair value $ 429,882 $ 414,299 $ 5,094 $ 10,489 Investments measured at net asset value (l) 27,744 Total $ 457,626 The following table provides the fair values of the pension plan assets at December 31, 2019 by asset category: Fair Value Measurements Asset Category (a) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash $ 650 $ 650 — — Money market funds 5 5 — — Equity securities: Managed volatility (b) 72,334 72,334 — — U.S. small/mid-cap equity (c) 10,014 10,014 — — World equity (excluding U.S.) (d) 48,285 48,285 — — Common equity securities – Teleflex Incorporated 38,359 38,359 — — Fixed income securities: Intermediate duration fund (e) 38,500 38,500 — — Long duration bond fund (f) 107,143 107,143 — — Corporate bond fund (g) 13,107 13,107 — — Global credit fund (h) 929 929 — — Emerging markets debt fund (i) 9,974 9,974 — — Corporate, government and foreign bonds 29,714 29,714 — — Asset backed – home loans 316 — $ 316 — Other types of investments: Multi asset funds (j) 8,246 4,759 3,487 — Contract with insurance company (k) 9,849 — — $ 9,849 Other 5 — — 5 Total investments at fair value $ 387,430 $ 373,773 $ 3,803 $ 9,854 Investments measured at Net asset value (l) 35,870 Total $ 423,300 a. Information on asset categories described in notes (b)-(k) is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories. b. This category comprises mutual funds that invest in securities of U.S. and non-U.S. companies of all capitalization ranges that exhibit relatively low volatility. c. This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of small and mid-sized companies. The fund invests in common stocks or exchange traded funds holding common stock of U.S. companies with market capitalizations in the range of companies in the Russell 2500 Index. d. This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of foreign companies. These securities may include common stocks, preferred stocks, warrants, exchange traded funds based on an international equity index, derivative instruments whose value is based on an international equity index and derivative instruments whose value is based on an underlying equity security or a basket of equity securities. The fund invests in securities of foreign issuers located in developed and emerging market countries. However, the fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. e. This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including U.S. and foreign corporate obligations, fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets, debt obligations issued by governments or other municipalities, and securities issued or guaranteed by the U.S. Government and its agencies. The fund will seek to maintain an effective average duration between three f. This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities, corporate bonds, asset-backed securities, exchange traded funds, mortgage-backed securities and collateralized mortgage-backed securities. The fund invests primarily in long duration government and corporate fixed income securities, and uses derivative instruments, including interest rate swap agreements and Treasury futures contracts, for the purpose of managing the overall duration and yield curve exposure of the Fund’s portfolio of fixed income securities. g. This category comprises funds that invest primarily in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations. h. This category comprises a fund that invests primarily in a range of debt securities, including those issued by governments, institutions, or companies from a number of countries. i. This category comprises a mutual fund that invests at least 80% of its net assets in fixed income securities of emerging market issuers, primarily in U.S. dollar-denominated debt of foreign governments, government-related and corporate issuers in emerging market countries and entities organized to restructure the debt of those issuers. j. This category comprises funds that may invest in equities, bonds, or derivatives. k. This category comprises the asset established out of an agreement to purchase a bulk-annuity policy from an insurer to fully cover the liabilities for members of the pension plan. The asset value is based on the fair value of the contract as determined by the insurance company using inputs that are not observable. l. This category comprises pooled institutional investments, primarily collective investment trusts. These funds are not listed on an exchange or traded in an active market and these investments are valued using their net asset value, which is generally based on the underlying asset values of the pooled investments held in the trusts. This category comprises the following funds: • a fund that invests primarily in collateralized debt obligations and other structured credit vehicles and may include fixed income securities, loan participations, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments. • a hedge fund that invests in various other hedge funds. • funds that invest in underlying funds that acquire, manage, and dispose of real estate properties, with a focus on properties in the U.S. and the UK markets. Our contributions to U.S. and foreign pension plans during 2021 are expected to be approximately $12.7 million. Contributions to postretirement healthcare plans during 2021 are expected to be approximately $3.1 million. The following table provides information about the expected benefit payments under its U.S. and foreign plans for each of the five succeeding years and the aggregate of the five years thereafter, net of the annual average Medicare Part D subsidy of approximately $0.1 million: Pension Other Benefits 2021 $ 22,527 $ 3,123 2022 22,997 2,996 2023 23,433 2,864 2024 24,018 2,583 2025 24,354 2,481 Years 2026 — 2030 128,246 8,622 We maintain a number of defined contribution savings plans covering eligible U.S. and non-U.S. employees. We partially match employee contributions. Costs related to these plans were $21.7 million, $17.5 million and $15.6 million for 2020, 2019 and 2018, respectively. |
Commitments and contingent liab
Commitments and contingent liabilities | 12 Months Ended |
Dec. 31, 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. The nature of these activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, the regulatory agencies involved and their enforcement policies, as well as the presence or absence of other potentially responsible parties. At December 31, 2020 and 2019, we have recorded $1.6 million and $0.7 million, respectively, in accrued liabilities and $5.2 million and $6.2 million, respectively in other liabilities relating to these matters. Considerable uncertainty exists with respect to these liabilities, and if adverse changes in circumstances occur, potential liability may exceed the amount accrued as of December 31, 2020. The time frame over which the accrued amounts may be paid out, based on past history, is estimated to be 10-15 years. Litigation: We are a party to various lawsuits and claims arising in the normal course of business. These lawsuits and claims include actions involving product liability, intellectual property, employment, environmental and other matters. As of December 31, 2020 and 2019, we have recorded accrued liabilities of $0.3 million and $0.4 million, respectively, 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. On February 17, 2021, representatives of the selling shareholders from whom we acquired Essential Medical, Inc., filed suit on behalf of such shareholders in the Court of Chancery of the State of Delaware alleging, among other things, that we breached the merger agreement relating to the acquisition in connection with activities relating to the achievement of revenue-based milestone goals under the agreement. The suit seeks money damages in the amount of $66.9 million plus interest. We are assessing our response to this action, but believe that the claims lack merit, and intend to defend ourselves vigorously. 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. Other: We have been subject to an ongoing investigation by the Chinese authorities related to a technical error regarding our country of origin designation for certain products we imported into China. The error would have resulted in increased tariff payments in late 2018 through 2020. We have accrued the estimated increase in tariffs as well as related interest expense for the periods in question. In addition to the tariffs and related interest, the Chinese authorities may impose a penalty for the unpaid tariffs. We believe the range of penalties is between 30% and 200% of the related unpaid tariff or between $3.0 million and $20.3 million. We do not have a best estimate of the penalties that may be assessed at this time. Accordingly, as prescribed by GAAP, we have recorded $3.0 million as low end of the range described above. 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, 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. |
Business segments and other inf
Business segments and other information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business segments and other information | Business segments and other information An operating segment is a component (a) that engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance, and (c) for which discrete financial information is available. We do not evaluate our operating segments using discrete asset information. We have four reportable segments: Americas, EMEA (Europe, the Middle East and Africa), Asia (Asia Pacific) and OEM (Original Equipment Manufacturer and Development Services). Our reportable segments, other than the OEM segment, design, manufacture and distribute medical devices primarily used in critical care and surgical applications and generally serve two end-markets: hospitals and healthcare providers, and home health. The products of these segments are most widely used in the acute care setting for a range of diagnostic and therapeutic procedures and in general and specialty surgical applications. The OEM segment designs, manufactures and supplies devices and instruments for other medical device manufacturers. The following tables present our segment results for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Americas $ 1,465,035 $ 1,492,274 $ 1,351,699 EMEA 584,859 588,043 603,813 Asia 267,016 294,328 286,895 OEM 220,246 220,717 205,976 Net revenues $ 2,537,156 $ 2,595,362 $ 2,448,383 Year Ended December 31, 2020 2019 2018 Americas $ 401,391 $ 319,933 $ 255,798 EMEA 81,348 94,424 106,090 Asia 51,238 73,090 78,135 OEM 44,852 57,994 50,294 Total segment operating profit (1) 578,829 545,441 490,317 Unallocated expenses (2) (155,761) (118,187) (168,613) Income from continuing operations before interest, loss on extinguishment of debt and taxes $ 423,068 $ 427,254 $ 321,704 (1) Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for fixed manufacturing cost absorption variances, selling, general and administrative expenses, research and development expenses and an allocation of corporate expenses. Corporate expenses are allocated among the segments in proportion to the respective amounts of one of several items (such as sales, numbers of employees, and amount of time spent), depending on the category of expense involved. (2) Unallocated expenses primarily include manufacturing variances, with the exception of fixed manufacturing cost absorption variances, restructuring and impairment charges and gain on sale of assets. Year Ended December 31, 2020 2019 2018 Americas $ 151,111 $ 153,419 $ 146,016 EMEA 47,012 44,328 47,171 Asia 13,594 14,072 12,917 OEM 15,535 6,550 8,610 Consolidated depreciation and amortization $ 227,252 $ 218,369 $ 214,714 Geographic data The following tables provide total net revenues and total net property, plant and equipment by geographic region for the years ended and as of December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Net revenues (based on selling location): U.S. $ 1,567,144 $ 1,606,248 $ 1,449,426 Europe 646,577 652,069 671,264 Asia Pacific 230,267 241,278 234,090 All other 93,168 95,767 93,603 $ 2,537,156 $ 2,595,362 $ 2,448,383 Net property, plant and equipment: U.S. $ 234,186 $ 228,173 $ 258,415 Malaysia 71,760 53,406 51,952 Ireland 52,373 40,151 41,223 All other 115,593 108,989 81,176 $ 473,912 $ 430,719 $ 432,766 |
QUARTERLY DATA (UNAUDITED)
QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY DATA (UNAUDITED) | QUARTERLY DATA (UNAUDITED) First Second Third Fourth (Dollars in thousands, except per share) 2020 Net revenues $ 630,642 $ 567,034 $ 628,301 $ 711,179 Gross profit 333,624 278,372 329,324 383,554 Income from continuing operations before interest,loss on extinguishment of debt and taxes 157,086 38,810 132,092 95,080 Income from continuing operations 131,152 11,443 116,605 76,601 (Loss) income from discontinued operations (2) 13 (18) (470) Net income 131,150 11,456 116,587 76,131 Earnings per share — basic (1) : Income from continuing operations $ 2.83 $ 0.25 $ 2.51 $ 1.64 Income from discontinued operations — — — (0.01) Net income $ 2.83 $ 0.25 $ 2.51 $ 1.63 Earnings per share — diluted (1) : Income from continuing operations $ 2.78 $ 0.24 $ 2.46 $ 1.62 Income from discontinued operations — — — (0.01) Net income $ 2.78 $ 0.24 $ 2.46 $ 1.61 2019 Net revenues $ 613,584 $ 652,507 $ 648,319 $ 680,952 Gross profit (2) 323,970 352,238 355,075 377,722 Income from continuing operations before interest,loss on extinguishment of debt and taxes 75,243 107,458 117,621 126,932 Income from continuing operations 41,918 83,328 228,929 107,806 (Loss) income from discontinued operations (1,021) 47 — 459 Net income 40,897 83,375 228,929 108,265 Earnings per share — basic (1) : Income from continuing operations $ 0.91 $ 1.80 $ 4.95 $ 2.33 (Loss) income from discontinued operations (0.02) 0.01 — 0.01 Net income $ 0.89 $ 1.81 $ 4.95 $ 2.34 Earnings per share — diluted (1) : Income from continuing operations $ 0.89 $ 1.77 $ 4.85 $ 2.28 (Loss) income from discontinued operations (0.02) — — 0.01 Net income $ 0.87 $ 1.77 $ 4.85 $ 2.29 (1) Each quarter is calculated as a discrete period; the sum of the four quarters may not equal the calculated full year amount. (2) For the three months ended March 31, 2019, June 30, 2019, September 29, 2019, and December 31, 2019 we reclassified intangible asset amortization expense of $20.8 million, $20.7 million, $20.6 million and $20.5 million, respectively, from selling, general and administrative expenses to cost of goods sold. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (Dollars in thousands) ALLOWANCE FOR DOUBTFUL ACCOUNTS Balance at Beginning of Year Additions Charged to Income Accounts Receivable Write-offs Translation and Other Balance at End of Year December 31, 2020 $ 9,055 $ 3,798 $ (1,336) $ 1,358 $ 12,875 December 31, 2019 $ 9,348 $ 1,680 $ (1,739) $ (234) $ 9,055 December 31, 2018 $ 10,255 $ 2,521 $ (2,601) $ (827) $ 9,348 DEFERRED TAX ASSET VALUATION ALLOWANCE Balance at Beginning of Year Additions Charged to Expense Reductions Credited to Expense Translation and Other Balance at End of Year December 31, 2020 $ 119,233 $ 30,640 $ (59) $ 5,194 $ 155,008 December 31, 2019 $ 143,971 $ 31,564 $ (55,797) $ (505) $ 119,233 December 31, 2018 $ 104,799 $ 43,361 $ (2,871) $ (1,318) $ 143,971 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation: The consolidated financial statements include the accounts of Teleflex Incorporated and its subsidiaries (referred to herein as “we,” “us,” “our” and “Teleflex"). Intercompany transactions are eliminated in consolidation. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and reflect management’s estimates and assumptions that affect the recorded amounts. |
Use of estimates | Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents: All highly liquid debt instruments with an original maturity of three months or less are classified as cash equivalents. The carrying value of cash equivalents approximates the current market value. |
Accounts receivable | Accounts receivable: Accounts receivable represent amounts due from customers related to the sale of products and provision of services. 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. |
Inventories | Inventories: Inventories are valued at the lower of cost or net realizable value. The cost of our inventories is determined using the average cost method. Elements of cost in inventory include raw materials, direct labor, and manufacturing overhead. In estimating net realizable value, we evaluate inventory for excess and obsolete quantities based on estimated usage and sales, among other factors. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation. Costs incurred to develop internal-use computer software during the application development stage generally are capitalized. Costs of enhancements to internal-use computer software are capitalized, provided that these enhancements result in additional functionality. Other additions and those improvements which increase the capacity or lengthen the useful lives of the assets are also capitalized. Composite useful lives for categories of property, plant and equipment, which are depreciated on a straight-line basis, are as follows: buildings — 30 years; machinery and equipment — 3 to 15 years; computer equipment and software — 3 to 5 years. Leasehold improvements are depreciated over the lesser of the useful lives of the leasehold improvements or the remaining lease term. Repairs and maintenance costs are expensed as incurred. |
Goodwill and other intangible assets | Goodwill and other intangible assets: Goodwill and other indefinite-lived intangible assets are not amortized but are tested for impairment annually during the fourth quarter or more frequently if events or changes in circumstances indicate that an impairment may exist. Impairment losses, if any, are included in income from operations. The goodwill impairment test is applied to each of our reporting units. For purposes of this assessment, a reporting unit is an operating segment, or a business one level below an operating segment (also known as a component) if discrete financial information is prepared for that business and regularly reviewed by segment management. However, separate components are aggregated as a single reporting unit if they have similar economic characteristics. In performing the goodwill impairment test, we may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for our products and services, regulatory and political developments, and entity specific factors such as strategies and financial performance. If, after completing the qualitative assessment, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying value, we proceed to a two-step quantitative impairment test, described below. Alternatively, we may elect to bypass the qualitative assessment and perform the two-step quantitative impairment test. The first step of the two-step impairment test is to compare the fair value of a reporting unit to its carrying value. If the reporting unit fair value exceeds the carrying value, there is no impairment. If the reporting unit carrying value exceeds the fair value, we would perform the second step of the goodwill impairment test, in which we would measure the amount of an impairment loss, if any, based on the amount by which the carrying value of goodwill exceeds its implied fair value. The implied fair value of goodwill is determined by deducting the fair value of a reporting unit's identifiable assets and liabilities from the fair value of the reporting unit as a whole, as if that reporting unit had just been acquired and the fair value of the individual assets acquired and liabilities assumed were being determined initially. We did not record a goodwill impairment charge for the year ended December 31, 2020. Our intangible assets consist of customer relationships, intellectual property, distribution rights, in-process research and development ("IPR&D"), trade names and non-competition agreements. We define IPR&D as the value of technology acquired for which the related projects have substance and are incomplete. IPR&D acquired in a business acquisition is recognized at fair value and is required be capitalized as an indefinite-lived intangible asset until completion of the IPR&D project or upon abandonment. Upon completion of the development project (generally when regulatory approval to market the product that utilizes the technology is obtained), an impairment assessment is performed prior to amortizing the asset over its estimated useful life. If the IPR&D projects are abandoned, the related IPR&D assets would be written off. We test our indefinite-lived intangible assets for impairment annually, or more frequently if events or changes in circumstances indicate that an impairment may have occurred. Similar to the goodwill impairment test process, we may elect to perform a qualitative assessment. If, after completing the qualitative assessment, we determine it is more likely than not that the fair value of the indefinite-lived intangible asset is greater than its carrying amount, the asset is not impaired. If we conclude it is more likely than not that the fair value of the indefinite-lived intangible asset is less than the carrying value, we then proceed to a quantitative impairment test, which consists of a comparison of the fair value of the intangible asset to its carrying amount. Intangible assets that do not have indefinite lives, consisting of intellectual property, customer relationships, distribution rights, certain trade names and non-competition agreements, are amortized over their estimated useful lives, which are as follows: intellectual property, 5 to 20 years; customer relationships, 8 to 27 years; distribution rights, 10 years; trade names, 5 to 30 years; non-competition agreements, 3 to 6 years. The weighted average remaining amortization period with respect to our intangible assets is approximately 15 years. We periodically evaluate the reasonableness of the useful lives of these assets. For the year ended December 31, 2020, intangible asset amortization expense of $84.4 million is included within costs of good sold. For the year ended December 31, 2019 and December 31, 2018, we reclassified intangible asset amortization expense of $82.6 million and $81.6 million, respectively, from selling, general and administrative expenses to cost of goods sold for comparability. |
Long-lived assets | Long-lived assets: We assess the remaining useful life and recoverability of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The assessment is based on various analyses, including undiscounted cash flow and profitability projections that incorporate, as applicable, the impact of the asset on the existing business. Therefore, the evaluation involves significant management judgment. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. |
Foreign currency translation | Foreign currency translation: Assets and liabilities of subsidiaries with non-United States dollar denominated functional currencies are translated into United States dollars at the rates of exchange at the balance sheet date; income and expenses are translated at the average rates of exchange prevailing during the year. The translation adjustments are reported as a component of accumulated other comprehensive loss. |
Derivative financial instruments | Derivative financial instruments: We use derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates. All instruments are entered into for other than trading purposes. All derivatives are recognized on the balance sheet at fair value. Changes in the fair value of derivatives are recorded in the consolidated statement of comprehensive income as other comprehensive income (loss), if the instrument is designated as part of a hedge transaction. Gains or losses on derivative instruments reported in other comprehensive income (loss) are reclassified to the consolidated statement of income in the period in which |
Share-based compensation | Share-based compensation: We estimate the fair value of share-based awards on the date of grant using an option pricing model. The value of the portion of the award that is ultimately expected to vest, which is derived, in part, following consideration of estimated forfeitures, is recognized as expense over the requisite service periods. Share-based compensation expense related to stock options is measured using a Black-Scholes option pricing model that takes into account subjective and complex assumptions with respect to the expected life of the options, volatility, risk-free interest rate and expected dividend yield. The expected life of options granted is derived from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that options granted are expected to be outstanding. Expected volatility is based on a blend of historical volatility and implied volatility derived from publicly traded options to purchase our common stock, which we believe is more reflective of market conditions and a better indicator of expected volatility than would be the case if we only used historical volatility. The risk-free interest rate is the implied yield currently available on United States (or "U.S.") Treasury zero-coupon issues with a remaining term equal to the expected life of the option. Forfeitures are estimated at the time of grant based on management’s expectations regarding the extent to which awards ultimately will vest and are adjusted for actual forfeitures when they occur. |
Income taxes | Income taxes: The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases, and to reflect operating loss and tax credit carryforwards. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except to the extent that such earnings are deemed to be permanently reinvested. Significant judgment is required in determining income tax provisions and in evaluating tax positions. We establish additional provisions for income taxes when, despite the belief that tax positions are supportable, there remain certain positions that do not meet the minimum probability threshold, which is a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority. In the normal course of business, we are examined by various federal, state and non-U.S. tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of its provision for income taxes. Interest accrued with respect to unrecognized tax benefits and income tax related penalties are both included in taxes on income from continuing operations. We periodically assess the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to an adjustment become known. |
Pensions and other postretirement benefits | Pensions and other postretirement benefits: We provide a range of benefits to eligible employees and retired employees, including benefits available pursuant to pension and postretirement healthcare benefits plans. We record annual amounts relating to these plans based on calculations which include various actuarial assumptions such as discount rates, expected rates of return on plan assets, compensation increases, turnover rates and healthcare cost trend rates. We review our actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when appropriate. The effect of the modifications is generally amortized over future periods. |
Restructuring costs | Restructuring costs: Restructuring costs, which include termination benefits, facility closure costs, contract termination costs and other restructuring costs, are recorded at estimated fair value. Other restructuring costs may include facility closure, employee relocation, equipment relocation and outplacement costs. We primarily recognize employee termination benefits when payment becomes probable and reasonably estimable because they are provided under an ongoing benefit arrangement and are based on existing plans, historical experiences and negotiated settlements of prior plans. Termination benefits provided under one-time termination benefits arrangements are recognized upon communication to the employee. We recognize charges ratably over the future service period if the employee is required to render service until termination. Key assumptions used in calculating |
Contingent consideration related to business acquisitions | Contingent consideration related to business acquisitions: In connection with business acquisitions, we may be required to pay future consideration that is contingent upon the achievement of specified objectives such as receipt of regulatory approval, commercialization of a product or achievement of sales targets. As of the acquisition date, we record a contingent liability representing the estimated fair value of the contingent consideration that we expect to pay. We remeasure the fair value of our contingent consideration arrangements each reporting period and, based on new developments, records changes in fair value until either the contingent consideration obligation is satisfied through payment upon the achievement of, or the obligation no longer exists due to the failure to achieve, the specified objectives. The change in the fair value is recorded in selling, general and administrative expenses in the consolidated statement of income. A contingent consideration payment is classified as a financing activity in the consolidated statement of cash flows to the extent it was recorded as a liability as of the acquisition date. Any additional amount paid in excess of the amount initially accrued is classified as an operating activity in the consolidated statement of cash flows. |
Revenue recognition | Revenue recognition: We 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 the 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, which represented 88%, 9% and 3% of our consolidated net revenues, respectively, for the year ended December 31, 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. We have made the following revenue accounting policy elections and elected to use certain practical expedients: (1) we account for amounts collected from customers for sales and other taxes, net of related amounts remitted to tax authorities; (2) we do not adjust the promised amount of consideration for the effects of a significant financing component because, at contract inception, we expect the period between the time when we transfer a promised good or service to the customer and the time when the customer pays for that good or service will be one year or less; (3) we expense costs to obtain a contract as they are incurred if the expected period of benefit, and therefore the amortization period, is one year or less; (4) we account for shipping and handling activities that occur after control transfers to the customer as a fulfillment cost rather than an additional promised service; (5) we classify shipping and handling costs within cost of goods sold; and (6) with respect to the OEM segment, we have applied the practical expedient to exclude disclosure of remaining performance obligations as the contracts typically have a term of one year or less. The amount of consideration we receive and revenue we recognize varies as a result of changes in customer sales incentives, including discounts and rebates, and returns offered to customers. The estimate of revenue is adjusted upon the earlier of the following events: (i) the most likely amount of consideration expected to be received changes or (ii) the consideration becomes fixed. Our policy is to accept returns only in cases in which the product is defective and covered under our standard warranty provisions. When we give customers the right to return products, we estimate the expected returns based on an analysis of historical experience. The liability for returns and allowances was $14.6 million and $7.2 million as of December 31, 2020 and 2019, respectively. In estimating customer rebates, we consider the lag time between the point of sale and the payment of the customer’s rebate claim, customer-specific trend analyses, contractual commitments, including stated rebate rates, historical experience with respect to specific customers (as we have a history of providing similar rebates on similar products to similar customers) and other relevant information. The reserve for customer incentive programs, including customer rebates, was $28.5 million and $21.6 million at December 31, 2020 and 2019, respectively. We expect the amounts subject to the reserve as of December 31, 2020 to be paid within 90 days subsequent to period-end. |
Leases | Leases: On January 1, 2019, we adopted an amendment to the guidance on leases using a modified retrospective transition approach. We have made an accounting policy election not to apply the lease accounting recognition provisions to short term leases (leases with a lease term of 12 months or less that do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise); instead, we will recognize |
Recently issued accounting standards | Recently issued accounting standards In June 2016, the FASB issued new guidance that changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables. Under current guidance, an entity reflects credit losses on financial assets measured on an amortized cost basis only when it is probable that losses have been incurred, generally considering only past events and current conditions in determining incurred loss. The new guidance requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial asset, based not only on historical experience and current conditions, but also on reasonable forecasts. The main objective of the new guidance is to provide financial statement users with more useful information in making decisions about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. We adopted the new standard on January 1, 2020 using a modified retrospective transition approach by recognizing a cumulative-effect adjustment of $0.8 million to reduce our opening balance of retained earnings as of the adoption date. Prior period amounts have not been adjusted and continue to reflect our historical accounting. In December 2019, the FASB issued new guidance that simplifies various aspects of accounting for income taxes including those related to the step-up in the tax basis of goodwill, intraperiod tax allocations and the interim period effects of changes in tax laws or rates. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The majority of the modifications under the new guidance will be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings on January 1, 2021. The adoption of the guidance did not have a material impact on the consolidated financial statements. In January 2017, the FASB issued guidance to simplify the quantitative test for goodwill impairment. Under current guidance, if a reporting unit’s carrying value exceeds its fair value, the entity must determine the implied value of goodwill. This determination is made by deducting the fair value of a reporting unit’s identifiable assets and liabilities from the fair value of the reporting unit as a whole as if the reporting unit had just been acquired. Under the new guidance, a determination of the implied value of goodwill will no longer be required; a goodwill impairment will be equal to the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. We adopted this guidance on January 1, 2020 and will apply it, as applicable, to impairment testing we perform in 2020 and future years. The adoption of the guidance did not have an impact on the consolidated financial statements. From time to time, new accounting guidance issued by the FASB or other standard setting bodies is adopted as of the specified effective date or, when permitted by the guidance and as determined by us, as of an earlier date. We have assessed recently issued guidance that is not yet effective, except as noted above, and believe the new guidance that we have assessed will not have a material impact on our results of operations, cash flows or financial position. |
Net revenues (Tables)
Net revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates revenue by global product category for the year ended December 31, 2020, 2019 and 2018. Year Ended December 31 2020 2019 2018 Vascular access $ 657,703 $ 600,874 $ 575,327 Anesthesia 302,293 338,413 349,370 Interventional 382,435 427,563 395,423 Surgical 317,200 370,074 358,707 Interventional urology 290,022 290,449 196,735 OEM 220,246 220,717 205,976 Other (1) 367,257 347,272 366,845 Net revenues (2) $ 2,537,156 $ 2,595,362 $ 2,448,383 (1) Revenues in the "Other" category in the table above include revenues generated from sales of our respiratory and urology products (other than interventional urology products). (2) The product categories listed above are presented on a global basis, while each of our reportable segments other than the OEM reportable segment are defined based on the geographic location of its operations; the OEM reportable segment operates globally. Each of the geographically based reportable segments include net revenues from each of the non-OEM product categories listed above. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the fair value of the acquired assets and liabilities assumed with respect to each acquisition: HPC Z-Medica Assets Current assets $ 10,785 $ 16,649 Property, plant and equipment 10,457 4,492 Intangible assets 179,000 332,000 Goodwill 107,127 187,939 Other assets 270 153 Total assets acquired 307,639 541,233 Less: Current liabilities 1,568 5,068 Deferred tax liabilities 43,449 35,225 Noncurrent liability for uncertain tax positions 1,945 — Other liabilities — 91 Liabilities assumed 46,962 40,384 Net assets acquired $ 260,677 $ 500,849 |
Components of Intangible Assets | The following table sets forth the components of identifiable intangible assets acquired and the ranges of the useful lives as of the date of each acquisition: HPC Z-Medica Fair value Useful life (years) Fair value Useful life (years) Intellectual property $ 40,000 20 $ 86,500 13 - 16 Trade names — — 47,500 25 Customer relationships 139,000 20 198,000 26 Intangible assets at December 31, 2020 and 2019 consisted of the following: Gross Carrying Amount Accumulated Amortization 2020 2019 2020 2019 Customer relationships $ 1,377,943 $ 1,021,852 $ (425,692) $ (367,585) In-process research and development 29,627 27,940 — — Intellectual property 1,458,924 1,351,990 (479,612) (402,340) Distribution rights 23,866 23,369 (20,280) (18,859) Trade names 619,847 563,315 (65,955) (50,718) Non-compete agreements 24,592 22,618 (23,514) (15,297) $ 3,534,799 $ 3,011,084 $ (1,015,053) $ (854,799) |
Restructuring and other impai_2
Restructuring and other impairment charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Summary of Current Cost Estimates by Major Type of Cost | We have ongoing restructuring programs related to the relocation of manufacturing operations to existing lower-cost locations and related workforce reductions (referred to as our 2019, 2018 and 2014 Footprint realignment plans). The following tables provide a summary of our cost estimates and other information associated with these ongoing plans: 2019 Footprint realignment plan (3) 2018 Footprint realignment plan (4) 2014 Footprint realignment plan (5) Program expense estimates: (Dollars in millions) Termination benefits $16 to $18 $60 to $70 $13 to $13 Other costs (1) 2 to 2 3 to 4 1 to 2 Restructuring charges 18 to 20 63 to 74 14 to 15 Restructuring related charges (2) 38 to 43 40 to 59 38 to 40 Total restructuring and restructuring related charges $56 to $63 $103 to $133 $52 to $55 Other program estimates: Expected cash outlays $50 to $57 $99 to $127 $42 to $46 Expected capital expenditures $28 to $33 $19 to $23 $26 to $27 Other program information: Period initiated February 2019 May 2018 April 2014 Estimated period of substantial completion 2022 2022 2022 Aggregate restructuring charges $15.3 $60.0 $13.6 Restructuring related charges incurred: For year ended December 31, 2020 $14.5 $9.5 $3.8 Aggregate restructuring related charges $21.1 $16.7 $36.0 (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 these charges are expected to be recognized within cost of goods sold. (3) In 2020, we refined the disclosed ranges for each of the components of the program expense and other program estimates in consideration of the progress made to date as well as the actions remaining. The refinements resulted in a decrease in the high end of the disclosed ranges compared to our prior estimates. (4) In 2020, we accelerated the timing of substantial completion from our prior estimate of 2024 to take advantage of an opportunity we identified to accelerate the recognition of estimated savings. (5) In 2020, we extended our timeline of certain development and qualification activities which resulted in a delay in the anticipated period of substantial completion from our prior estimate of 2021. The shift in timing also resulted in an increase in the total program cost estimate, primarily restructuring related charges, and related cash outlays compared to prior estimates. We also refined the disclosed range of capital expenditures in consideration of the progress made to date as well as actions remaining. |
Schedule of Restructuring Reserve | The following table summarizes the restructuring reserve activity related to our 2019, 2018 and 2014 Footprint realignment plans: 2019 Footprint realignment plan 2018 Footprint realignment plan 2014 Footprint realignment plan Balance at December 31, 2018 $ — $ 48,474 $ 3,936 Subsequent accruals 13,753 (939) 313 Cash payments (1,602) (3,628) (580) Foreign currency translation (281) 367 — Balance at December 31, 2019 11,870 44,274 3,669 Subsequent accruals 1,542 5,948 606 Cash payments (5,532) (4,281) (682) Foreign currency translation and other 174 4,140 — Balance at December 31, 2020 (1) $ 8,054 $ 50,081 $ 3,593 (1) The restructuring reserves as of December 31, 2020 , 2019 and 2018 consisted mainly of accruals related to termination benefits. Most of the Other costs (facility closure, employee relocation, equipment relocation and outplacement costs) were expensed and paid in the same period. |
Restructuring and Other Impairment Charges | The restructuring and impairment charges recognized for the years ended December 31, 2020, 2019, and 2018 consisted of the following: 2020 Termination benefits Other Costs (1) Total 2020 Workforce reduction plan $ 8,494 $ 353 $ 8,847 2019 Footprint realignment plan 647 895 1,542 2018 Footprint realignment plan 5,565 383 5,948 Other restructuring programs (2) (72) 838 766 Total restructuring charges 14,634 2,469 17,103 Asset impairment charges — 21,388 21,388 Total restructuring and impairment charges $ 14,634 $ 23,857 $ 38,491 2019 Termination benefits Other Costs (1) Total 2019 Footprint realignment plan $ 13,683 $ 70 $ 13,753 2018 Footprint realignment plan (1,787) 848 (939) Other restructuring programs (3) 787 1,638 2,425 Total restructuring charges 12,683 2,556 15,239 Asset impairment charges — 6,966 6,966 Total restructuring and impairment charges $ 12,683 $ 9,522 $ 22,205 2018 Termination benefits Other Costs (1) Total 2018 Footprint realignment plan $ 53,992 $ 1,001 $ 54,993 Other restructuring programs (4) 3,820 1,307 5,127 Total restructuring charges 57,812 2,308 60,120 Asset impairment charges — 19,110 19,110 Total restructuring and impairment charges $ 57,812 $ 21,418 $ 79,230 (1) Includes facility closure, contract termination and other exit costs. (2) Includes activity primarily related to the 2016 and 2014 Footprint realignment plans. (3) Includes the program initiated during third quarter of 2019, the 2017 Vascular Solutions integration program as well as the 2016 and 2014 Footprint realignment plans. (4) Includes activity primarily related to the 2016 Footprint realignment plan, which is substantially complete, and the 2014 Footprint realignment plan, as well as the 2017 Vascular Solutions integration program and the 2017 EMEA restructuring program. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories at December 31, 2020 and 2019 consist of the following: 2020 2019 Raw materials $ 132,370 $ 114,302 Work-in-process 75,874 71,479 Finished goods 304,952 290,776 Inventories $ 513,196 $ 476,557 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Major Classes of Property, Plant and Equipment at Cost | The major classes of property, plant and equipment, at cost, at December 31, 2020 and 2019 were as follows: 2020 2019 Land, buildings and leasehold improvements $ 272,637 $ 248,067 Machinery and equipment 496,664 443,612 Computer equipment and software 172,913 158,574 Construction in progress 84,336 63,991 1,026,550 914,244 Less: Accumulated depreciation (552,638) (483,525) Property, plant and equipment, net $ 473,912 $ 430,719 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill, by Reporting Segment | Changes in the carrying amount of goodwill, by reportable operating segment, for the years ended December 31, 2020 and 2019 were as follows: Americas EMEA Asia OEM Total Balance as of December 31, 2018 Goodwill $ 1,881,662 $ 480,615 $ 211,547 $ 4,883 $ 2,578,707 Accumulated impairment losses (332,128) — — — (332,128) 1,549,534 480,615 211,547 4,883 2,246,579 Goodwill related to acquisitions 439 189 1,205 — 1,833 Translation and other adjustments 952 (5,032) 973 — (3,107) Balance as of December 31, 2019 1,550,925 475,772 213,725 4,883 2,245,305 Goodwill related to acquisitions 149,877 22,364 15,698 107,127 295,066 Translation and other adjustments (520) 38,092 8,023 — 45,595 Balance as of December 31, 2020 $ 1,700,282 $ 536,228 $ 237,446 $ 112,010 $ 2,585,966 |
Components of Intangible Assets | The following table sets forth the components of identifiable intangible assets acquired and the ranges of the useful lives as of the date of each acquisition: HPC Z-Medica Fair value Useful life (years) Fair value Useful life (years) Intellectual property $ 40,000 20 $ 86,500 13 - 16 Trade names — — 47,500 25 Customer relationships 139,000 20 198,000 26 Intangible assets at December 31, 2020 and 2019 consisted of the following: Gross Carrying Amount Accumulated Amortization 2020 2019 2020 2019 Customer relationships $ 1,377,943 $ 1,021,852 $ (425,692) $ (367,585) In-process research and development 29,627 27,940 — — Intellectual property 1,458,924 1,351,990 (479,612) (402,340) Distribution rights 23,866 23,369 (20,280) (18,859) Trade names 619,847 563,315 (65,955) (50,718) Non-compete agreements 24,592 22,618 (23,514) (15,297) $ 3,534,799 $ 3,011,084 $ (1,015,053) $ (854,799) |
Estimated Annual Amortization Expense | Amortization expense related to intangible assets was $158.7 million, $150.0 million, and $149.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Estimated annual amortization expense for each of the five succeeding years is as follows: 2021 $ 167,000 2022 165,300 2023 160,300 2024 159,100 2025 158,100 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities December 31, 2020 2021 $ 26,178 2022 23,540 2023 18,222 2024 14,047 2025 7,853 2026 and thereafter 36,131 Total lease payments 125,971 Less: interest (17,228) Present value of lease liabilities $ 108,743 |
Supplemental Information, Lessee, Operating Lease | Supplemental information December 31, 2020 December 31, 2019 Total lease liabilities (1) $ 108,743 $ 122,221 Cash paid for amounts included in the measurement of lease liabilities within operating cash flows $ 28,276 $ 26,458 Right of use assets obtained in exchange for operating lease obligations $ 8,904 $ 37,673 Weighted average remaining lease term 6.7 years 7.2 years Weighted average discount rate 4.0 % 4.4 % (1) The current portion of the operating lease liability is included in other current liabilities . |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Our borrowings at December 31, 2020 and 2019 were as follows: 2020 2019 Senior Credit Facility: Revolving credit facility, at a rate of 1.66% at December 31, 2020, and 3.12% at December 31, 2019, due 2024 $ 350,000 $ 300,000 Term loan facility, at a rate of 1.65% at December 31, 2020 and 3.17% at December 31 2019, 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 1.24% at December 31, 2020 and 2.51% at December 31, 2019 75,000 50,000 2,498,000 1,923,000 Less: Unamortized debt issuance costs (19,612) (14,057) 2,478,388 1,908,943 Current portion of borrowings (100,500) (50,000) Long-term borrowings $ 2,377,888 $ 1,858,943 |
Fair Value of Debt | The following table provides the fair value of our debt as of December 31, 2020 and 2019, which is valued based on Level 2 inputs within the hierarchy used to measure fair value (see Note 12 to the consolidated financial statements for further information): December 31, 2020 December 31, 2019 Fair value of debt $ 2,586,058 $ 1,974,918 |
Aggregate Amounts of Long-Term Debt | Debt Maturities As of December 31, 2020, the aggregate amounts of long-term debt, demand loans and debt under our securitization program that will mature during each of the next four years and thereafter were as follows: 2021 $ 100,500 2022 35,000 2023 43,750 2024 918,750 2025 and thereafter 1,400,000 |
Schedule of Cash Flow, Supplemental Disclosures, Debt | Supplemental cash flow information Year Ended December 31, 2020 2019 2018 Cash interest paid $ 79,533 $ 95,954 $ 101,790 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the locations in the consolidated balance sheets and fair value of derivative instruments as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Asset derivatives: Designated foreign currency forward contracts $ 1,691 $ 1,659 Non-designated foreign currency forward contracts 61 192 Cross-currency interest rate swap 20,106 21,575 Prepaid expenses and other current assets 21,858 23,426 Cross-currency interest rate swap — 13,066 Other assets — 13,066 Total asset derivatives $ 21,858 $ 36,492 Liability derivatives: Designated foreign currency forward contracts $ 1,504 $ 1,285 Non-designated foreign currency forward contracts 366 102 Other current liabilities 1,870 1,387 Cross-currency interest rate swap 34,125 — Other liabilities 34,125 — Total liability derivatives $ 35,995 $ 1,387 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019: Basis of fair value measurement December 31, 2020 (Level 1) (Level 2) (Level 3) Investments in marketable securities $ 12,617 $ 12,617 $ — $ — Derivative assets 21,858 — 21,858 — Derivative liabilities 35,995 — 35,995 — Contingent consideration liabilities 36,633 — — 36,633 Basis of fair value measurement December 31, 2019 (Level 1) (Level 2) (Level 3) 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 There were no transfers of financial assets or liabilities into or out of Level 3 within the fair value hierarchy during the years ended December 31, 2020 or 2019. |
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 payment Discounted cash flow Discount rate 1.3% - 2.3% (1.5%) Projected year of payment 2021 - 2023 Revenue-based Monte Carlo simulation Revenue volatility 22.4% Risk free rate Cost of debt structure Projected year of payment 2021 - 2022 Discounted cash flow Discount rate 6.5% - 10.0% (9.1%) Projected year of payment 2021 - 2029 |
Reconciliation of Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis | The following table provides information regarding changes in our contingent consideration liabilities for the years ended December 31, 2020 and 2019: 2020 2019 Beginning balance – January 1 $ 219,908 $ 304,248 Payments (1) (146,971) (138,171) Initial estimate upon acquisition and revaluations (36,714) 53,915 Translation adjustment 410 (84) Ending balance – December 31 $ 36,633 $ 219,908 (1) Consists mainly of a $140.6 million payment associated with our acquisition of NeoTract, Inc. ("Neotract") and resulting from the achievement of a revenue-based goal for the period from January 1, 2019 to December 31, 2019. |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table provides a reconciliation of basic to diluted weighted average shares outstanding: 2020 2019 2018 Basic 46,488 46,200 45,689 Dilutive effect of share based awards 799 890 970 Dilutive effect of convertible notes and warrants — — 142 Diluted 47,287 47,090 46,801 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables provides information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2020 and 2019: Cash Flow Hedges Pension and Other Postretirement Benefit Plans Foreign Currency Translation Adjustment Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2018 $ 807 $ (131,380) $ (210,512) $ (341,085) Other comprehensive income (loss) before reclassifications 1,062 (12,811) 4,195 (7,554) Amounts reclassified from accumulated other comprehensive (loss) income (1,134) 5,381 — 4,247 Net current-year other comprehensive (loss) income (72) (7,430) 4,195 (3,307) Balance at December 31, 2019 735 (138,810) (206,317) (344,392) Other comprehensive (loss) income before reclassifications (3,331) (17,032) 59,758 39,395 Amounts reclassified from accumulated other comprehensive income 2,114 5,585 — 7,699 Net current-year other comprehensive (loss) income (1,217) (11,447) 59,758 47,094 Balance at December 31, 2020 $ (482) $ (150,257) $ (146,559) $ (297,298) |
Reclassification out of Accumulated Other Comprehensive Income | The following table provides information relating to the losses (gains) recognized in the statements of income including the reclassifications of losses (gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Losses (gains) on designated foreign exchange forward contracts: Cost of goods sold $ 2,354 $ (1,284) $ (2,270) Total before tax 2,354 (1,284) (2,270) Taxes (benefit) expense (240) 150 163 Net of tax $ 2,114 $ (1,134) $ (2,107) Amortization of pension and other postretirement benefits items: Actuarial losses (1) $ 7,253 $ 6,930 $ 7,305 Prior-service credits (1) 33 82 251 Total before tax 7,286 7,012 7,556 Tax benefit (1,701) (1,631) (1,733) Net of tax $ 5,585 $ 5,381 $ 5,823 Impact on income from continuing operations, net of tax $ 7,699 $ 4,247 $ 3,716 (1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 16 for additional information). |
Stock compensation plans (Table
Stock compensation plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Summary of Share-based Compensation Activity | The following table summarizes the share-based compensation activity: 2020 2019 2018 (Dollars in millions) Share-based compensation expense $ 20.7 $ 26.9 $ 22.4 Total income tax benefit recognized for share-based compensation arrangements 22.0 21.1 20.7 Net excess tax benefit 17.5 15.4 15.9 |
Weighted-Average Assumptions used to Estimate Fair Value of Options Granted | The fair value of options granted in 2020, 2019 and 2018 was estimated at the date of grant using a Black-Scholes option pricing model. The following weighted-average assumptions were used: 2020 2019 2018 Risk-free interest rate 1.16 % 2.44 % 2.67 % Expected life of option 5.00 years 4.99 years 4.98 years Expected dividend yield 0.39 % 0.47 % 0.54 % Expected volatility 23.98 % 23.92 % 22.65 % |
Summary of Stock Option Activity | The following table summarizes the option activity during 2020: Shares Subject to Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life In Years Aggregate Intrinsic Value Outstanding, beginning of the year 1,325,532 $ 161.91 Granted 130,206 347.64 Exercised (289,324) 106.79 Forfeited or expired (9,099) 290.49 Outstanding, end of the year 1,157,315 195.57 5.71 $ 249,979 Exercisable, end of the year 903,680 $ 163.27 4.94 $ 224,388 |
Weighted-Average Assumptions used to Estimate Fair Value of Non-Vested Shares Granted | The following weighted-average assumptions were used: 2020 2019 2018 Risk-free interest rate 1.07 % 2.41 % 2.41 % Expected dividend yield 0.38 % 0.46 % 0.53 % |
Summary of Non-Vested Restricted Stock Unit Activity | The following table summarizes the non-vested restricted stock unit activity during 2020: Number of Non-Vested Shares Weighted Average Grant-Date Fair Value Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding, beginning of the year 177,348 $ 240.17 Granted 52,464 344.70 Vested (67,851) 195.95 Forfeited (10,718) 285.37 Outstanding, end of the year 151,243 $ 293.06 1.2 $ 62,236 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes from Continuing Operations | The following table summarizes the components of the provision for income taxes from continuing operations: 2020 2019 2018 Current: Federal $ 11,148 $ 19,374 $ (1,525) State 9,644 8,220 1,432 Non-U.S. 35,042 23,690 29,353 Deferred: Federal (9,475) (2,041) (5,124) State (13,734) (28,277) (5,114) Non-U.S. (10,694) (143,044) 4,174 $ 21,931 $ (122,078) $ 23,196 |
Summaries of U.S. and Non-U.S. Components of Income from Continuing Operations Before Taxes | The following table summarizes the U.S. and non-U.S. components of income from continuing operations before taxes: 2020 2019 2018 U.S. $ 233,034 $ 89,021 $ 37,201 Non-U.S. 124,698 250,882 182,427 $ 357,732 $ 339,903 $ 219,628 |
Reconciliations Between Statutory Federal Income Tax Rate and Effective Income Tax Rate | Reconciliations between the statutory federal income tax rate and the effective income tax rate are as follows: 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % Tax effect of international items (5.3) (11.3) (3.3) Impacts of the TCJA (1) — — (1.0) Foreign Merger - Deferred Taxes (2) — (38.0) — Excess tax benefits related to share-based compensation (4.9) (4.5) (7.2) State taxes, net of federal benefit (0.3) (4.9) (0.1) Uncertain tax contingencies (0.5) — (0.4) Contingent consideration (2.2) 3.4 5.3 Intellectual property impairment charge (1.2) — (2.0) Research and development tax credit (1.1) (1.1) (1.6) Other, net 0.6 (0.5) (0.1) 6.1 % (35.9) % 10.6 % (1) U.S. tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "TCJA") was enacted on December 22, 2017. The legislation significantly changed U.S. tax law by, among other things, reducing the corporate income tax rate and imposing a one-time repatriation tax on undistributed post-1986 non-U.S. subsidiary earnings and profits. This legislation required significant one-time adjustments to our consolidated tax provision. (2) During 2019, we recognized a discrete tax benefit of $129.0 million resulting from a non-U.S. legal entity restructuring that eliminated the requirement to provide for withholding taxes on the future repatriation of certain non-permanently reinvested earnings. |
Deferred Tax Assets and Liabilities | The following table summarizes significant components of our deferred tax assets and liabilities at December 31, 2020 and 2019: 2020 2019 Deferred tax assets: Tax loss and credit carryforwards $ 180,782 $ 174,997 Lease assets 25,429 28,577 Pension 12,237 14,971 Reserves and accruals 72,931 60,799 Other 7,996 3,207 Less: valuation allowances (155,008) (119,233) Total deferred tax assets 144,367 163,318 Deferred tax liabilities: Property, plant and equipment 25,633 23,053 Intangibles — stock acquisitions 476,150 441,079 Unremitted non-U.S. earnings 91,539 81,967 Lease liabilities 25,429 28,577 Other 2,221 22,628 Total deferred tax liabilities 620,972 597,304 Net deferred tax liability $ (476,605) $ (433,986) |
Uncertain Tax Positions for Liabilities Associated with Unrecognized Tax Benefits | Uncertain Tax Positions : The following table is a reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Balance at January 1 $ 7,561 $ 8,106 $ 9,336 Increase in unrecognized tax benefits related to prior years 1,286 351 — Decrease in unrecognized tax benefits related to prior years — (201) — Unrecognized tax benefits related to the current year — 1,237 899 Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations (1,864) (1,881) (1,955) Increase (decrease) in unrecognized tax benefits due to foreign currency translation 247 (51) (174) Balance at December 31 $ 7,230 $ 7,561 $ 8,106 |
Examinations by Major Tax Jurisdictions | The taxable years for which the applicable statute of limitations remains open by major tax jurisdictions are as follows: Beginning Ending U.S. 2017 2020 Canada 2016 2020 China 2015 2020 Czech Republic 2017 2020 France 2018 2020 Germany 2011 2020 India 2002 2020 Ireland 2016 2020 Italy 2016 2020 Malaysia 2016 2020 Singapore 2016 2020 |
Schedule of Cash Flow, Supplemental Disclosures, Income Tax | Supplemental cash flow information Year Ended December 31, 2020 2019 2018 Income taxes paid, net of refunds $ 77,163 $ 73,632 $ 65,605 |
Pension and other postretirem_2
Pension and other postretirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Net Benefit Cost of Pension and Postretirement Benefit Plans | The following table provides information regarding the components of the net benefit (income) expense of the pension and postretirement benefit plans for the years ended December 31, 2020, 2019 and 2018: Pension Other Benefits 2020 2019 2018 2020 2019 2018 Service cost $ 1,416 $ 2,768 $ 1,500 $ — $ 9 $ 50 Interest cost 12,827 16,000 14,816 902 1,391 1,389 Expected return on plan assets (31,650) (27,426) (29,666) — — — Net amortization and deferral 7,447 7,013 6,777 (161) (1) 136 Curtailments — — — — — 677 Settlements — — 486 — — — Net benefit (income) expense $ (9,960) $ (1,645) $ (6,087) $ 741 $ 1,399 $ 2,252 |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost | The following table provides the weighted average assumptions for U.S. and foreign plans used in determining net benefit cost: Pension Other Benefits 2020 2019 2018 2020 2019 2018 Discount rate 3.2 % 4.3 % 3.6 % 3.1 % 4.2 % 3.6 % Rate of return 7.5 % 7.7 % 7.8 % Initial healthcare trend rate 7.0 % 7.4 % 7.8 % Ultimate healthcare trend rate 5.0 % 5.0 % 5.0 % The following table provides the weighted average assumptions for U.S. and foreign plans used in determining benefit obligations: Pension Other Benefits 2020 2019 2020 2019 Discount rate 2.5 % 3.2 % 2.3 % 3.1 % Rate of compensation increase 2.8 % 2.8 % Initial healthcare trend rate 6.4 % 6.6 % Ultimate healthcare trend rate 4.5 % 5.0 % |
Pension and Postretirement Benefit Plans | The following table provides summarized information with respect to the pension and postretirement benefit plans, measured as of December 31, 2020 and 2019: Pension Other Benefits 2020 2019 2020 2019 Benefit obligation, beginning of year $ 470,236 $ 416,470 $ 40,042 $ 42,115 Service cost 1,416 2,768 — 9 Interest cost 12,827 16,000 902 1,391 Actuarial loss 36,726 57,525 964 1,551 Currency translation 2,273 229 — — Benefits paid (21,092) (20,350) (5,448) (5,090) Medicare Part D reimbursement — — 119 66 Plan amendments 47 — (4,658) — Administrative costs (1,086) (2,406) — — Projected benefit obligation, end of year 501,347 470,236 31,921 40,042 Fair value of plan assets, beginning of year 423,300 362,807 Actual return on plan assets 43,276 69,918 Contributions 12,490 12,695 Benefits paid (21,092) (20,350) Administrative costs (1,086) (2,406) Currency translation 738 636 Fair value of plan assets, end of year 457,626 423,300 Funded status, end of year $ (43,721) $ (46,936) $ (31,921) $ (40,042) |
Amounts Recognized in the Consolidated Balance Sheet | The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the pension and postretirement plans: Pension Other Benefits 2020 2019 2020 2019 Other assets $ 3,703 $ 2,449 $ — $ — Payroll and benefit-related liabilities (1,721) (1,617) (3,125) (5,091) Pension and postretirement benefit liabilities (45,703) (47,768) (28,796) (34,951) Accumulated other comprehensive loss (gain) 232,540 213,989 (1,617) 1,916 $ 188,819 $ 167,053 $ (33,538) $ (38,126) |
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss | The following tables set forth the amounts recognized in accumulated other comprehensive income with respect to the plans: Pension Prior Service Cost Net (Gain) or Loss Deferred Taxes Accumulated Other Comprehensive Balance at December 31, 2018 $ 191 $ 205,719 $ (74,429) $ 131,481 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (18) (6,995) 1,631 (5,382) Amounts arising during the period: Actuarial changes in benefit obligation — 15,033 (3,457) 11,576 Impact of currency translation — 59 (15) 44 Balance at December 31, 2019 173 213,816 (76,270) 137,719 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (15) (7,432) 1,738 (5,709) Amounts arising during the period: Actuarial changes in benefit obligation — 25,100 (5,875) 19,225 Plan amendments 47 — (9) 38 Impact of currency translation — 851 (241) 610 Balance at December 31, 2020 $ 205 $ 232,335 $ (80,657) $ 151,883 Other Benefits Prior Service Cost Net (Gain) or Loss Deferred Taxes Accumulated Other Comprehensive Balance at December 31, 2018 $ 71 $ 293 $ (465) $ (101) Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (64) 65 — 1 Amounts arising during the period: Actuarial changes in benefit obligation — 1,551 (360) 1,191 Balance at December 31, 2019 7 1,909 (825) 1,091 Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: Net amortization and deferral (18) 179 (37) 124 Amounts arising during the period: Actuarial changes in benefit obligation — 964 (223) 741 Plan amendments (4,658) — 1,076 (3,582) Balance at December 31, 2020 $ (4,669) $ 3,052 $ (9) $ (1,626) |
Fair Values of Pension Plan Assets | The following table provides the fair values of the pension plan assets at December 31, 2020 by asset category: Fair Value Measurements Asset Category (a) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash $ 582 $ 582 — — Money market funds 12 12 — — Equity securities: Managed volatility (b) 85,974 85,974 — — U.S. small/mid-cap equity (c) 11,780 11,780 — — World equity (excluding U.S.) (d) 59,467 59,467 — — Common equity securities – Teleflex Incorporated 29,592 29,592 — — Fixed income securities: Intermediate duration fund (e) 63,376 63,376 — — Long duration bond fund (f) 98,996 98,996 — — Corporate bond fund (g) 13,469 13,469 — — Emerging markets debt fund (i) 11,412 11,412 — — Corporate, government and foreign bonds 35,582 35,582 — — Asset backed – home loans 261 — $ 261 — Other types of investments: Multi asset funds (j) 8,890 4,057 4,833 — Contract with insurance company (k) 10,485 — — $ 10,485 Other 4 — — 4 Total investments at fair value $ 429,882 $ 414,299 $ 5,094 $ 10,489 Investments measured at net asset value (l) 27,744 Total $ 457,626 The following table provides the fair values of the pension plan assets at December 31, 2019 by asset category: Fair Value Measurements Asset Category (a) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash $ 650 $ 650 — — Money market funds 5 5 — — Equity securities: Managed volatility (b) 72,334 72,334 — — U.S. small/mid-cap equity (c) 10,014 10,014 — — World equity (excluding U.S.) (d) 48,285 48,285 — — Common equity securities – Teleflex Incorporated 38,359 38,359 — — Fixed income securities: Intermediate duration fund (e) 38,500 38,500 — — Long duration bond fund (f) 107,143 107,143 — — Corporate bond fund (g) 13,107 13,107 — — Global credit fund (h) 929 929 — — Emerging markets debt fund (i) 9,974 9,974 — — Corporate, government and foreign bonds 29,714 29,714 — — Asset backed – home loans 316 — $ 316 — Other types of investments: Multi asset funds (j) 8,246 4,759 3,487 — Contract with insurance company (k) 9,849 — — $ 9,849 Other 5 — — 5 Total investments at fair value $ 387,430 $ 373,773 $ 3,803 $ 9,854 Investments measured at Net asset value (l) 35,870 Total $ 423,300 a. Information on asset categories described in notes (b)-(k) is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories. b. This category comprises mutual funds that invest in securities of U.S. and non-U.S. companies of all capitalization ranges that exhibit relatively low volatility. c. This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of small and mid-sized companies. The fund invests in common stocks or exchange traded funds holding common stock of U.S. companies with market capitalizations in the range of companies in the Russell 2500 Index. d. This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of foreign companies. These securities may include common stocks, preferred stocks, warrants, exchange traded funds based on an international equity index, derivative instruments whose value is based on an international equity index and derivative instruments whose value is based on an underlying equity security or a basket of equity securities. The fund invests in securities of foreign issuers located in developed and emerging market countries. However, the fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. e. This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including U.S. and foreign corporate obligations, fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets, debt obligations issued by governments or other municipalities, and securities issued or guaranteed by the U.S. Government and its agencies. The fund will seek to maintain an effective average duration between three f. This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities, corporate bonds, asset-backed securities, exchange traded funds, mortgage-backed securities and collateralized mortgage-backed securities. The fund invests primarily in long duration government and corporate fixed income securities, and uses derivative instruments, including interest rate swap agreements and Treasury futures contracts, for the purpose of managing the overall duration and yield curve exposure of the Fund’s portfolio of fixed income securities. g. This category comprises funds that invest primarily in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations. h. This category comprises a fund that invests primarily in a range of debt securities, including those issued by governments, institutions, or companies from a number of countries. i. This category comprises a mutual fund that invests at least 80% of its net assets in fixed income securities of emerging market issuers, primarily in U.S. dollar-denominated debt of foreign governments, government-related and corporate issuers in emerging market countries and entities organized to restructure the debt of those issuers. j. This category comprises funds that may invest in equities, bonds, or derivatives. k. This category comprises the asset established out of an agreement to purchase a bulk-annuity policy from an insurer to fully cover the liabilities for members of the pension plan. The asset value is based on the fair value of the contract as determined by the insurance company using inputs that are not observable. l. This category comprises pooled institutional investments, primarily collective investment trusts. These funds are not listed on an exchange or traded in an active market and these investments are valued using their net asset value, which is generally based on the underlying asset values of the pooled investments held in the trusts. This category comprises the following funds: • a fund that invests primarily in collateralized debt obligations and other structured credit vehicles and may include fixed income securities, loan participations, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments. • a hedge fund that invests in various other hedge funds. • funds that invest in underlying funds that acquire, manage, and dispose of real estate properties, with a focus on properties in the U.S. and the UK markets. |
Expected Benefit Payments | The following table provides information about the expected benefit payments under its U.S. and foreign plans for each of the five succeeding years and the aggregate of the five years thereafter, net of the annual average Medicare Part D subsidy of approximately $0.1 million: Pension Other Benefits 2021 $ 22,527 $ 3,123 2022 22,997 2,996 2023 23,433 2,864 2024 24,018 2,583 2025 24,354 2,481 Years 2026 — 2030 128,246 8,622 |
Business segments and other i_2
Business segments and other information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business segments and other information | The following tables present our segment results for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Americas $ 1,465,035 $ 1,492,274 $ 1,351,699 EMEA 584,859 588,043 603,813 Asia 267,016 294,328 286,895 OEM 220,246 220,717 205,976 Net revenues $ 2,537,156 $ 2,595,362 $ 2,448,383 Year Ended December 31, 2020 2019 2018 Americas $ 401,391 $ 319,933 $ 255,798 EMEA 81,348 94,424 106,090 Asia 51,238 73,090 78,135 OEM 44,852 57,994 50,294 Total segment operating profit (1) 578,829 545,441 490,317 Unallocated expenses (2) (155,761) (118,187) (168,613) Income from continuing operations before interest, loss on extinguishment of debt and taxes $ 423,068 $ 427,254 $ 321,704 (1) Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for fixed manufacturing cost absorption variances, selling, general and administrative expenses, research and development expenses and an allocation of corporate expenses. Corporate expenses are allocated among the segments in proportion to the respective amounts of one of several items (such as sales, numbers of employees, and amount of time spent), depending on the category of expense involved. (2) Unallocated expenses primarily include manufacturing variances, with the exception of fixed manufacturing cost absorption variances, restructuring and impairment charges and gain on sale of assets. Year Ended December 31, 2020 2019 2018 Americas $ 151,111 $ 153,419 $ 146,016 EMEA 47,012 44,328 47,171 Asia 13,594 14,072 12,917 OEM 15,535 6,550 8,610 Consolidated depreciation and amortization $ 227,252 $ 218,369 $ 214,714 |
Total Net Revenues and Total Net Property, Plant and Equipment by Geographic Region | The following tables provide total net revenues and total net property, plant and equipment by geographic region for the years ended and as of December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Net revenues (based on selling location): U.S. $ 1,567,144 $ 1,606,248 $ 1,449,426 Europe 646,577 652,069 671,264 Asia Pacific 230,267 241,278 234,090 All other 93,168 95,767 93,603 $ 2,537,156 $ 2,595,362 $ 2,448,383 Net property, plant and equipment: U.S. $ 234,186 $ 228,173 $ 258,415 Malaysia 71,760 53,406 51,952 Ireland 52,373 40,151 41,223 All other 115,593 108,989 81,176 $ 473,912 $ 430,719 $ 432,766 |
QUARTERLY DATA (UNAUDITED) (Tab
QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | QUARTERLY DATA (UNAUDITED) First Second Third Fourth (Dollars in thousands, except per share) 2020 Net revenues $ 630,642 $ 567,034 $ 628,301 $ 711,179 Gross profit 333,624 278,372 329,324 383,554 Income from continuing operations before interest,loss on extinguishment of debt and taxes 157,086 38,810 132,092 95,080 Income from continuing operations 131,152 11,443 116,605 76,601 (Loss) income from discontinued operations (2) 13 (18) (470) Net income 131,150 11,456 116,587 76,131 Earnings per share — basic (1) : Income from continuing operations $ 2.83 $ 0.25 $ 2.51 $ 1.64 Income from discontinued operations — — — (0.01) Net income $ 2.83 $ 0.25 $ 2.51 $ 1.63 Earnings per share — diluted (1) : Income from continuing operations $ 2.78 $ 0.24 $ 2.46 $ 1.62 Income from discontinued operations — — — (0.01) Net income $ 2.78 $ 0.24 $ 2.46 $ 1.61 2019 Net revenues $ 613,584 $ 652,507 $ 648,319 $ 680,952 Gross profit (2) 323,970 352,238 355,075 377,722 Income from continuing operations before interest,loss on extinguishment of debt and taxes 75,243 107,458 117,621 126,932 Income from continuing operations 41,918 83,328 228,929 107,806 (Loss) income from discontinued operations (1,021) 47 — 459 Net income 40,897 83,375 228,929 108,265 Earnings per share — basic (1) : Income from continuing operations $ 0.91 $ 1.80 $ 4.95 $ 2.33 (Loss) income from discontinued operations (0.02) 0.01 — 0.01 Net income $ 0.89 $ 1.81 $ 4.95 $ 2.34 Earnings per share — diluted (1) : Income from continuing operations $ 0.89 $ 1.77 $ 4.85 $ 2.28 (Loss) income from discontinued operations (0.02) — — 0.01 Net income $ 0.87 $ 1.77 $ 4.85 $ 2.29 (1) Each quarter is calculated as a discrete period; the sum of the four quarters may not equal the calculated full year amount. (2) For the three months ended March 31, 2019, June 30, 2019, September 29, 2019, and December 31, 2019 we reclassified intangible asset amortization expense of $20.8 million, $20.7 million, $20.6 million and $20.5 million, respectively, from selling, general and administrative expenses to cost of goods sold. |
Summary of significant accoun_3
Summary of significant accounting policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Allowance for credit losses | $ 9,100 | $ 12,900 | $ 9,100 | ||||
Current portion of allowance for credit losses | 5,300 | $ 8,100 | 5,300 | ||||
Weighted average amortization period of intangible assets, in years | 15 years | ||||||
Intangible asset amortization expense | $ 158,685 | 149,974 | $ 149,486 | ||||
Reserve for returns and allowances | 7,200 | 14,600 | 7,200 | ||||
Reserve for estimated rebates | 21,600 | 28,500 | 21,600 | ||||
Cost of Sales | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Intangible asset amortization expense | $ 84,400 | ||||||
Sales Revenue, Net | Hospitals And Healthcare Providers | Customer Concentration Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk, percentage | 88.00% | ||||||
Sales Revenue, Net | Other Medical Device Manufacturers | Customer Concentration Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk, percentage | 9.00% | ||||||
Sales Revenue, Net | Home Care Providers such as Pharmacies | Customer Concentration Risk | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration risk, percentage | 3.00% | ||||||
Revision of Prior Period, Adjustment | Cost of Sales | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Intangible asset amortization expense | 20,500 | $ 20,600 | $ 20,700 | $ 20,800 | 82,600 | 81,600 | |
Revision of Prior Period, Adjustment | Selling, General and Administrative Expenses | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Intangible asset amortization expense | $ (20,500) | $ (20,600) | $ (20,700) | $ (20,800) | $ (82,600) | $ (81,600) | |
Minimum | Intellectual property | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of Intangible assets, in years | 5 years | ||||||
Minimum | Customer relationships | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of Intangible assets, in years | 8 years | ||||||
Minimum | Distribution rights | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of Intangible assets, in years | 10 years | ||||||
Minimum | Trade names | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of Intangible assets, in years | 5 years | ||||||
Minimum | Non-complete agreement | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of Intangible assets, in years | 3 years | ||||||
Maximum | Intellectual property | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of Intangible assets, in years | 20 years | ||||||
Maximum | Customer relationships | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of Intangible assets, in years | 27 years | ||||||
Maximum | Trade names | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of Intangible assets, in years | 30 years | ||||||
Maximum | Non-complete agreement | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of Intangible assets, in years | 6 years | ||||||
Building | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of plant and equipment, in years | 30 years | ||||||
Machinery and Equipment | Minimum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of plant and equipment, in years | 3 years | ||||||
Machinery and Equipment | Maximum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of plant and equipment, in years | 15 years | ||||||
Computer Equipment and Software | Minimum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of plant and equipment, in years | 3 years | ||||||
Computer Equipment and Software | Maximum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Useful life of plant and equipment, in years | 5 years |
Recently issued accounting st_2
Recently issued accounting standards - Recently issued accounting standards (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative-effect adjustment | $ (3,336,457) | $ (2,979,320) | $ (2,539,978) | $ (2,430,531) |
Retained Earnings | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative-effect adjustment | $ (3,096,228) | (2,824,916) | (2,427,599) | (2,285,886) |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative-effect adjustment | 791 | 1,321 | (3,076) | |
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative-effect adjustment | $ 791 | $ 1,321 | $ (3,076) |
Net revenues - Other revenues (
Net revenues - Other revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 711,179 | $ 628,301 | $ 567,034 | $ 630,642 | $ 680,952 | $ 648,319 | $ 652,507 | $ 613,584 | $ 2,537,156 | $ 2,595,362 | $ 2,448,383 |
Vascular access | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 657,703 | 600,874 | 575,327 | ||||||||
Anesthesia | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 302,293 | 338,413 | 349,370 | ||||||||
Interventional | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 382,435 | 427,563 | 395,423 | ||||||||
Surgical | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 317,200 | 370,074 | 358,707 | ||||||||
Interventional urology | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 290,022 | 290,449 | 196,735 | ||||||||
OEM | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 220,246 | 220,717 | 205,976 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 367,257 | $ 347,272 | $ 366,845 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) - USD ($) | Dec. 28, 2020 | Feb. 18, 2020 | Feb. 04, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||||
Aggregate contingent consideration amount | $ 91,900,000 | |||||
Transaction expenses | 6,600,000 | |||||
Gain (loss) on disposition of assets | 0 | $ 6,077,000 | $ 1,388,000 | |||
Notes Receivable | ||||||
Business Acquisition [Line Items] | ||||||
Receivable with imputed interest, face amount | $ 10,500,000 | |||||
Financing Receivables Payments To Be Received In Next Twelve Months | 2,100,000 | |||||
Financing Receivables, Payments To Be Received In Year Two | 2,100,000 | |||||
Financing Receivables, Payments To Be Received In Year Three | 2,100,000 | |||||
Financing Receivables, Payments To Be Received In Year Four | 2,100,000 | |||||
Financing Receivables, Payments To Be Received In Year Five | 2,100,000 | |||||
Notes receivable, fair value disclosure | 7,600,000 | |||||
Financing receivable, net | 5,600,000 | |||||
Notes Receivable | Accounts Receivable | ||||||
Business Acquisition [Line Items] | ||||||
Financing receivable, net | 4,700,000 | |||||
Notes Receivable | Other assets | ||||||
Business Acquisition [Line Items] | ||||||
Financing receivable, net | 900,000 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Business Acquisition [Line Items] | ||||||
Disposal group, including discontinued operation, consideration | 12,600,000 | |||||
Gain (loss) on disposition of assets | 2,700,000 | |||||
Disposal group, including discontinued operation, assets | $ 9,700,000 | |||||
IWG High Performance Conductors, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, consideration transferred | $ 260,000,000 | |||||
Acquisition revenue | 27,100,000 | |||||
Acquisition operating loss | 200,000 | |||||
Business acquisition, goodwill, expected tax deductible amount | 0 | |||||
Z-Medica, LLC | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, consideration transferred | $ 500,000,000 | |||||
Business acquisition, goodwill, expected tax deductible amount | $ 0 | |||||
Aggregate contingent consideration amount | $ 25,000,000 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 28, 2020 | Feb. 18, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | |||||
Goodwill | $ 2,585,966 | $ 2,245,305 | $ 2,246,579 | ||
IWG High Performance Conductors, Inc. | |||||
Assets | |||||
Current assets | $ 10,785 | ||||
Property, plant and equipment | 10,457 | ||||
Intangible assets | 179,000 | ||||
Goodwill | 107,127 | ||||
Other assets | 270 | ||||
Total assets acquired | 307,639 | ||||
Less: | |||||
Current liabilities | 1,568 | ||||
Deferred tax liabilities | 43,449 | ||||
Noncurrent liability for uncertain tax positions | 1,945 | ||||
Other liabilities | 0 | ||||
Liabilities assumed | 46,962 | ||||
Net assets acquired | $ 260,677 | ||||
Z-Medica, LLC | |||||
Assets | |||||
Current assets | $ 16,649 | ||||
Property, plant and equipment | 4,492 | ||||
Intangible assets | 332,000 | ||||
Goodwill | 187,939 | ||||
Other assets | 153 | ||||
Total assets acquired | 541,233 | ||||
Less: | |||||
Current liabilities | 5,068 | ||||
Deferred tax liabilities | 35,225 | ||||
Noncurrent liability for uncertain tax positions | 0 | ||||
Other liabilities | 91 | ||||
Liabilities assumed | 40,384 | ||||
Net assets acquired | $ 500,849 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures - Schedule of Acquired Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 28, 2020 | Feb. 18, 2020 | Dec. 31, 2020 |
Intellectual property | Minimum | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Useful life of Intangible assets, in years | 5 years | ||
Intellectual property | Maximum | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Useful life of Intangible assets, in years | 20 years | ||
Intellectual property | IWG High Performance Conductors, Inc. | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | $ 40,000 | ||
Useful life of Intangible assets, in years | 20 years | ||
Intellectual property | Z-Medica, LLC | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | $ 86,500 | ||
Intellectual property | Z-Medica, LLC | Minimum | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Useful life of Intangible assets, in years | 13 years | ||
Intellectual property | Z-Medica, LLC | Maximum | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Useful life of Intangible assets, in years | 16 years | ||
Trade names | Minimum | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Useful life of Intangible assets, in years | 5 years | ||
Trade names | Maximum | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Useful life of Intangible assets, in years | 30 years | ||
Trade names | Z-Medica, LLC | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | $ 47,500 | ||
Useful life of Intangible assets, in years | 25 years | ||
Customer relationships | IWG High Performance Conductors, Inc. | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | $ 139,000 | ||
Useful life of Intangible assets, in years | 20 years | ||
Customer relationships | Z-Medica, LLC | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | $ 198,000 | ||
Useful life of Intangible assets, in years | 26 years |
Restructuring and other impai_3
Restructuring and other impairment charges - Expected costs to be incurred (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
2019 Footprint realignment plan | |
Restructuring Cost and Reserve [Line Items] | |
Aggregate restructuring charges | $ 15.3 |
Restructuring expenses | 14.5 |
Aggregate restructuring related charges | 21.1 |
2019 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 56 |
Expected cash outlays | 50 |
Expected capital expenditures | 28 |
2019 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 63 |
Expected cash outlays | 57 |
Expected capital expenditures | 33 |
2018 Footprint realignment plan | |
Restructuring Cost and Reserve [Line Items] | |
Aggregate restructuring charges | 60 |
Restructuring expenses | 9.5 |
Aggregate restructuring related charges | 16.7 |
2018 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 103 |
Expected cash outlays | 99 |
Expected capital expenditures | 19 |
2018 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 133 |
Expected cash outlays | 127 |
Expected capital expenditures | 23 |
2014 Footprint realignment plan | |
Restructuring Cost and Reserve [Line Items] | |
Aggregate restructuring charges | 13.6 |
Restructuring expenses | 3.8 |
Aggregate restructuring related charges | 36 |
2014 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 52 |
Expected cash outlays | 42 |
Expected capital expenditures | 26 |
2014 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 55 |
Expected cash outlays | 46 |
Expected capital expenditures | 27 |
Termination benefits | 2019 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 16 |
Termination benefits | 2019 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 18 |
Termination benefits | 2018 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 60 |
Termination benefits | 2018 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 70 |
Termination benefits | 2014 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 13 |
Termination benefits | 2014 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 13 |
Other costs | 2019 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 2 |
Other costs | 2019 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 2 |
Other costs | 2018 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 3 |
Other costs | 2018 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 4 |
Other costs | 2014 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 1 |
Other costs | 2014 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 2 |
Restructuring charges | 2019 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 18 |
Restructuring charges | 2019 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 20 |
Restructuring charges | 2018 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 63 |
Restructuring charges | 2018 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 74 |
Restructuring charges | 2014 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 14 |
Restructuring charges | 2014 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 15 |
Restructuring related charges | 2019 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 38 |
Restructuring related charges | 2019 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 43 |
Restructuring related charges | 2018 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 40 |
Restructuring related charges | 2018 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 59 |
Restructuring related charges | 2014 Footprint realignment plan | Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | 38 |
Restructuring related charges | 2014 Footprint realignment plan | Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected restructuring charges | $ 40 |
Restructuring and other impai_4
Restructuring and other impairment charges - Reconciliation of changes in accrued liabilities associated with restructuring program (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
2019 Footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | $ 11,870 | $ 0 |
Subsequent accruals | 1,542 | 13,753 |
Cash payments | (5,532) | (1,602) |
Foreign currency translation | 174 | (281) |
Balance, ending | 8,054 | 11,870 |
2018 Footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 44,274 | 48,474 |
Subsequent accruals | 5,948 | (939) |
Cash payments | (4,281) | (3,628) |
Foreign currency translation | 4,140 | 367 |
Balance, ending | 50,081 | 44,274 |
2014 Footprint realignment plan | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 3,669 | 3,936 |
Subsequent accruals | 606 | 313 |
Cash payments | (682) | (580) |
Foreign currency translation | 0 | 0 |
Balance, ending | $ 3,593 | $ 3,669 |
Restructuring and other impai_5
Restructuring and other impairment charges - Restructuring program (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 17,103 | $ 15,239 | $ 60,120 |
Asset impairment charges | 21,388 | 6,966 | 19,110 |
Total restructuring and impairment charges | 38,491 | 22,205 | 79,230 |
2020 Workforce reduction plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 8,847 | ||
2019 Footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 1,542 | 13,753 | |
2018 Footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 5,948 | (939) | 54,993 |
Other restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 766 | 2,425 | 5,127 |
Termination benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 14,634 | 12,683 | 57,812 |
Asset impairment charges | 0 | 0 | 0 |
Total restructuring and impairment charges | 14,634 | 12,683 | 57,812 |
Termination benefits | 2020 Workforce reduction plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 8,494 | ||
Termination benefits | 2019 Footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 647 | 13,683 | |
Termination benefits | 2018 Footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 5,565 | (1,787) | 53,992 |
Termination benefits | Other restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | (72) | 787 | 3,820 |
Other costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 2,469 | 2,556 | 2,308 |
Asset impairment charges | 21,388 | 6,966 | 19,110 |
Total restructuring and impairment charges | 23,857 | 9,522 | 21,418 |
Other costs | 2020 Workforce reduction plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 353 | ||
Other costs | 2019 Footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 895 | 70 | |
Other costs | 2018 Footprint realignment plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | 383 | 848 | 1,001 |
Other costs | Other restructuring programs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring charges | $ 838 | $ 1,638 | $ 1,307 |
Restructuring and other impai_6
Restructuring and other impairment charges - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |||
Asset impairment charges | $ 21,388 | $ 6,966 | $ 19,110 |
Asset impairment charges, net of tax | $ 19,400 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 132,370 | $ 114,302 |
Work-in-process | 75,874 | 71,479 |
Finished goods | 304,952 | 290,776 |
Inventory, Net | $ 513,196 | $ 476,557 |
Property, plant, equipment (Det
Property, plant, equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | |||
Land, buildings and leasehold improvements | $ 272,637 | $ 248,067 | |
Machinery and equipment | 496,664 | 443,612 | |
Computer equipment and software | 172,913 | 158,574 | |
Construction in progress | 84,336 | 63,991 | |
Property, plant and equipment, gross | 1,026,550 | 914,244 | |
Less: Accumulated depreciation | (552,638) | (483,525) | |
Property, plant and equipment, net | $ 473,912 | $ 430,719 | $ 432,766 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible asset amortization expense | $ 158,685 | $ 149,974 | $ 149,486 |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite lived intangible assets | $ 239,100 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Changes in carrying amount by reporting segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill | $ 2,578,707 | ||
Accumulated impairment losses | (332,128) | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 2,245,305 | $ 2,246,579 | |
Goodwill related to acquisitions | 295,066 | 1,833 | |
Translation and other adjustments | 45,595 | (3,107) | |
Goodwill, ending balance | 2,585,966 | 2,245,305 | |
Americas | Operating Segments | |||
Goodwill [Line Items] | |||
Goodwill | 1,881,662 | ||
Accumulated impairment losses | (332,128) | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 1,550,925 | 1,549,534 | |
Goodwill related to acquisitions | 149,877 | 439 | |
Translation and other adjustments | (520) | 952 | |
Goodwill, ending balance | 1,700,282 | 1,550,925 | |
EMEA | Operating Segments | |||
Goodwill [Line Items] | |||
Goodwill | 480,615 | ||
Accumulated impairment losses | 0 | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 475,772 | 480,615 | |
Goodwill related to acquisitions | 22,364 | 189 | |
Translation and other adjustments | 38,092 | (5,032) | |
Goodwill, ending balance | 536,228 | 475,772 | |
Asia | Operating Segments | |||
Goodwill [Line Items] | |||
Goodwill | 211,547 | ||
Accumulated impairment losses | 0 | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 213,725 | 211,547 | |
Goodwill related to acquisitions | 15,698 | 1,205 | |
Translation and other adjustments | 8,023 | 973 | |
Goodwill, ending balance | 237,446 | 213,725 | |
OEM | Operating Segments | |||
Goodwill [Line Items] | |||
Goodwill | 4,883 | ||
Accumulated impairment losses | $ 0 | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 4,883 | 4,883 | |
Goodwill related to acquisitions | 107,127 | 0 | |
Translation and other adjustments | 0 | 0 | |
Goodwill, ending balance | $ 112,010 | $ 4,883 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Components of intangible assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 3,534,799 | $ 3,011,084 |
Accumulated Amortization | (1,015,053) | (854,799) |
In-process research and development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets | 29,627 | 27,940 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,377,943 | 1,021,852 |
Accumulated Amortization | (425,692) | (367,585) |
Intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,458,924 | 1,351,990 |
Accumulated Amortization | (479,612) | (402,340) |
Distribution rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 23,866 | 23,369 |
Accumulated Amortization | (20,280) | (18,859) |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 619,847 | 563,315 |
Accumulated Amortization | (65,955) | (50,718) |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 24,592 | 22,618 |
Accumulated Amortization | $ (23,514) | $ (15,297) |
Goodwill and other intangible_6
Goodwill and other intangible assets - Estimated annual amortization expense (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 167,000 |
2022 | 165,300 |
2023 | 160,300 |
2024 | 159,100 |
2025 | $ 158,100 |
Leases - Additional information
Leases - Additional information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Lease, cost | $ 30.7 | $ 30.2 | $ 32.6 |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, option to terminate or extend | 1 year |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 26,178 | |
2022 | 23,540 | |
2023 | 18,222 | |
2024 | 14,047 | |
2025 | 7,853 | |
2026 and thereafter | 36,131 | |
Total lease payments | 125,971 | |
Less: interest | (17,228) | |
Present value of lease liabilities | $ 108,743 | $ 122,221 |
Leases - Supplemental balance s
Leases - Supplemental balance sheet information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Lease liabilities | $ 108,743 | $ 122,221 |
Cash paid for amounts included in the measurement of lease liabilities within operating cash flows | 28,276 | 26,458 |
Right of use assets obtained in exchange for operating lease obligations | $ 8,904 | $ 37,673 |
Weighted average remaining lease term | 6 years 8 months 12 days | 7 years 2 months 12 days |
Weighted average discount rate | 4.00% | 4.40% |
Borrowings - Components of Long
Borrowings - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | May 27, 2020 | Nov. 20, 2017 | |
Line of Credit Facility [Line Items] | ||||
Long-term debt, Gross | $ 2,498,000 | $ 1,923,000 | ||
Less: Unamortized debt issuance costs | (19,612) | (14,057) | ||
Net carrying amount | 2,478,388 | 1,908,943 | ||
Current portion of borrowings | (100,500) | (50,000) | ||
Long-term borrowings | 2,377,888 | 1,858,943 | ||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Long-term line of credit | $ 350,000 | $ 300,000 | ||
Senior credit facility interest rate | 1.66% | 3.12% | ||
Securitization Program | ||||
Line of Credit Facility [Line Items] | ||||
Long-term line of credit | $ 75,000 | $ 50,000 | ||
Securitization program, at a rate of 1.24% at December 31, 2020 and 2.51% at December 31, 2019 | $ 75,000 | $ 50,000 | ||
Interest rate | 1.24% | 2.51% | ||
Term loan facility, at a rate of 1.65% at December 31, 2020 and 3.17% at December 31 2019, due 2024 | Term Loan | ||||
Line of Credit Facility [Line Items] | ||||
Long-term line of credit | $ 673,000 | $ 673,000 | ||
Senior credit facility interest rate | 1.65% | 3.17% | ||
4.875% Senior Notes due 2026 | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Senior notes | $ 400,000 | $ 400,000 | ||
Interest rate | 4.875% | 4.875% | ||
4.625% Senior Notes due 2027 | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Senior notes | $ 500,000 | $ 500,000 | $ 500,000 | |
Interest rate | 4.625% | 4.625% | 4.625% | |
4.25% Senior Notes due 2028 | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Senior notes | $ 500,000 | $ 0 | $ 500,000 | |
Interest rate | 4.25% | 4.25% | 4.25% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | May 27, 2020 | Apr. 05, 2019 | Nov. 20, 2017 | May 16, 2016 | Dec. 31, 2020 | Mar. 30, 2020 | Mar. 29, 2020 | Dec. 31, 2019 |
Securitization Program | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 1.24% | 2.51% | ||||||
Long-term line of credit | $ 75,000,000 | $ 50,000,000 | ||||||
Maximum amount available under receivable securitization | $ 75,000,000 | $ 50,000,000 | ||||||
Securitization program, at a rate of 1.24% at December 31, 2020 and 2.51% at December 31, 2019 | $ 75,000,000 | $ 50,000,000 | ||||||
Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.00% | |||||||
Credit Agreement | LIBOR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.25% | |||||||
Credit Agreement | LIBOR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.00% | |||||||
Credit Agreement | Federal Funds | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Credit Agreement | Adjusted LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Credit Agreement | Adjusted LIBOR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.125% | |||||||
Credit Agreement | Adjusted LIBOR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 100.00% | |||||||
Credit Agreement | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, term | 5 years | |||||||
Maximum amount available for borrowing | $ 1,000,000,000 | |||||||
Credit Agreement | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum amount available for borrowing | $ 700,000,000 | |||||||
Second Amended and Restated Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio, required | 4.50 | |||||||
Interest coverage ratio, required | 3.50 | |||||||
4.875% Senior Notes due 2026 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Interest rate | 4.875% | |||||||
Senior notes | $ 400,000,000 | |||||||
4.875% Senior Notes due 2026 | Senior Notes | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Declining percent of redemption price to principal amount | 0.813% | |||||||
4.875% Senior Notes due 2026 | Senior Notes | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Percent of redemption price to principal amount | 102.438% | |||||||
Declining percent of redemption price to principal amount | 100.00% | |||||||
4.875% Senior Notes due 2026 | Senior Notes | Debt Instrument Redemption Prior To June 1, 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Percent of redemption price to principal amount on redemption | 100.00% | |||||||
Makewhole premium as percentage of principal amount of notes subject to redemption | 1.00% | |||||||
4.625% Senior Notes due 2027 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Declining percent of redemption price to principal amount | 0.771% | |||||||
4.625% Senior Notes due 2027 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Declining percent of redemption price to principal amount | 100.00% | |||||||
4.625% Senior Notes due 2027 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Interest rate | 4.625% | 4.625% | 4.625% | |||||
Senior notes | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||||
Debt issuance, line of credit | $ 7,900,000 | |||||||
4.625% Senior Notes due 2027 | Senior Notes | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Percent of redemption price to principal amount | 102.313% | |||||||
4.625% Senior Notes due 2027 | Senior Notes | Debt Instrument, Redemption, Period One | ||||||||
Debt Instrument [Line Items] | ||||||||
Percent of redemption price to principal amount on redemption | 100.00% | |||||||
Makewhole premium as percentage of principal amount of notes subject to redemption | 1.00% | |||||||
4.625% Senior Notes due 2027 | Senior Notes | Debt Instrument, Redemption, Period Two | ||||||||
Debt Instrument [Line Items] | ||||||||
Percent of redemption price to principal amount on redemption | 104.625% | |||||||
Percent of principal amount of notes redeemable | 40.00% | |||||||
4.25% Senior Notes due 2028 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Declining percent of redemption price to principal amount | 1.0625% | |||||||
4.25% Senior Notes due 2028 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Declining percent of redemption price to principal amount | 100.00% | |||||||
4.25% Senior Notes due 2028 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Interest rate | 4.25% | 4.25% | 4.25% | |||||
Senior notes | $ 500,000,000 | $ 500,000,000 | $ 0 | |||||
Percent of redemption price to principal amount | 102.125% | |||||||
Percent of redemption price to principal amount on redemption | 100.00% | |||||||
Debt issuance, line of credit | $ 8,500,000 | |||||||
4.25% Senior Notes due 2028 | Senior Notes | Debt Instrument, Redemption, Period Three | ||||||||
Debt Instrument [Line Items] | ||||||||
Percent of redemption price to principal amount on redemption | 104.25% | |||||||
Makewhole premium as percentage of principal amount of notes subject to redemption | 1.00% | |||||||
Percent of principal amount of notes redeemable | 40.00% |
Borrowings - Fair Value of Debt
Borrowings - Fair Value of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Level 2 | ||
Fair Value Measurements [Line Items] | ||
Fair value of debt | $ 2,586,058 | $ 1,974,918 |
Borrowings - Aggregate Amounts
Borrowings - Aggregate Amounts of Long-Term Debt (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 100,500 |
2022 | 35,000 |
2023 | 43,750 |
2024 | 918,750 |
2025 and thereafter | $ 1,400,000 |
Borrowings - Supplemental Cash
Borrowings - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |||
Cash interest paid | $ 79,533 | $ 95,954 | $ 101,790 |
Financial instruments - Additio
Financial instruments - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Financial_Institution_Counterparty | Dec. 31, 2018USD ($)Financial_Institution_Counterparty | Dec. 31, 2019EUR (€)Financial_Institution_Counterparty | Dec. 31, 2018EUR (€)Financial_Institution_Counterparty | |
Derivatives Fair Value [Line Items] | |||||
Foreign currency translation, continuing operations, adjustment gain (loss), net of tax | $ 59,758,000 | $ 4,195,000 | $ (83,889,000) | ||
Interest benefit on swaps not designed as hedging instrument | 19,178,000 | 18,866,000 | 3,277,000 | ||
Cash Flow Hedging | |||||
Derivatives Fair Value [Line Items] | |||||
Ineffectiveness on hedging derivatives | 0 | 0 | 0 | ||
Cross Currency Interest Rate Contract | Cash Flow Hedging | |||||
Derivatives Fair Value [Line Items] | |||||
Foreign currency translation, continuing operations, adjustment gain (loss), net of tax | (37,300,000) | 20,800,000 | |||
Not Designated as Hedging Instrument | Foreign Currency Exchange Contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Loss on derivative | 1,800,000 | 3,800,000 | |||
Total notional amount for all open foreign currency forward contracts | 163,500,000 | 145,100,000 | |||
Not Designated as Hedging Instrument | Cross Currency Interest Rate Contract | |||||
Derivatives Fair Value [Line Items] | |||||
Interest benefit on swaps not designed as hedging instrument | 14,500,000 | 18,900,000 | |||
Designated as Hedging Instrument | Foreign Currency Exchange Contracts | Cash Flow Hedging | |||||
Derivatives Fair Value [Line Items] | |||||
Total notional amount for all open foreign currency forward contracts | $ 129,500,000 | 132,000,000 | |||
Designated as Hedging Instrument | Cross Currency Interest Rate Contract | |||||
Derivatives Fair Value [Line Items] | |||||
Total notional amount for all open foreign currency forward contracts | $ 250,000,000 | $ 500,000,000 | € 219,200,000 | € 433,900,000 | |
Derivative, number of instruments held | Financial_Institution_Counterparty | 5 | 6 | 5 | 6 | |
Derivative, fixed interest rate | 4.875% | 4.625% | 4.875% | 4.625% | |
Derivative, annual interest rate | 2.4595% | 1.942% | 2.4595% | 1.942% |
Financial instruments - Fair va
Financial instruments - Fair value of derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign Currency Exchange Contracts | Other liabilities | ||
Derivatives Fair Value [Line Items] | ||
Total liability derivatives | $ 34,125 | $ 0 |
Cash Flow Hedging | ||
Derivatives Fair Value [Line Items] | ||
Total asset derivatives | 21,858 | 36,492 |
Total liability derivatives | 35,995 | 1,387 |
Cash Flow Hedging | Prepaid expenses and other current assets | ||
Derivatives Fair Value [Line Items] | ||
Total asset derivatives | 21,858 | 23,426 |
Cash Flow Hedging | Other assets | ||
Derivatives Fair Value [Line Items] | ||
Total asset derivatives | 0 | 13,066 |
Cash Flow Hedging | Foreign Currency Exchange Contracts | Other liabilities | ||
Derivatives Fair Value [Line Items] | ||
Total liability derivatives | 1,870 | 1,387 |
Cash Flow Hedging | Foreign Currency Exchange Contracts | Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives Fair Value [Line Items] | ||
Total asset derivatives | 1,691 | 1,659 |
Cash Flow Hedging | Foreign Currency Exchange Contracts | Designated as Hedging Instrument | Other liabilities | ||
Derivatives Fair Value [Line Items] | ||
Total liability derivatives | 1,504 | 1,285 |
Cash Flow Hedging | Foreign Currency Exchange Contracts | Not Designated as Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives Fair Value [Line Items] | ||
Total asset derivatives | 61 | 192 |
Cash Flow Hedging | Foreign Currency Exchange Contracts | Not Designated as Hedging Instrument | Other liabilities | ||
Derivatives Fair Value [Line Items] | ||
Total liability derivatives | 366 | 102 |
Cash Flow Hedging | Cross Currency Interest Rate Contract | Prepaid expenses and other current assets | ||
Derivatives Fair Value [Line Items] | ||
Total asset derivatives | 20,106 | 21,575 |
Cash Flow Hedging | Cross Currency Interest Rate Contract | Other assets | ||
Derivatives Fair Value [Line Items] | ||
Total asset derivatives | 0 | 13,066 |
Cash Flow Hedging | Cross Currency Interest Rate Contract | Other liabilities | ||
Derivatives Fair Value [Line Items] | ||
Total liability derivatives | $ 34,125 | $ 0 |
Fair value measurement - Financ
Fair value measurement - Financial assets and liabilities carried at fair value measured on recurring basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | $ 12,617 | $ 10,926 |
Derivative assets | 21,858 | 36,492 |
Derivative liabilities | 35,995 | 1,387 |
Contingent consideration liabilities | 36,633 | 219,908 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | 12,617 | 10,926 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Significant Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments in marketable securities | 0 | 0 |
Derivative assets | 21,858 | 36,492 |
Derivative liabilities | 35,995 | 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 | $ 36,633 | $ 219,908 |
Fair value measurement - Additi
Fair value measurement - Additional Information (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Fair Value Disclosures [Abstract] | |
Aggregate contingent consideration amount | $ 91.9 |
Fair value measurement - Valuat
Fair value measurement - Valuation Technique (Details) | Dec. 31, 2020 |
Milestone-based payment | Discounted cash flow | Discount rate | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.013 |
Milestone-based payment | Discounted cash flow | Discount rate | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.023 |
Milestone-based payment | Discounted cash flow | Discount rate | Weighted Average | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.015 |
Revenue-based | Discounted cash flow | Discount rate | Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.065 |
Revenue-based | Discounted cash flow | Discount rate | Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.100 |
Revenue-based | Discounted cash flow | Discount rate | Weighted Average | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.091 |
Revenue-based | Monte Carlo simulation | Revenue volatility | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Business combination, contingent consideration, liability, measurement input | 0.224 |
Fair value measurement - Reconc
Fair value measurement - Reconciliation of changes in three financial liabilities measured at fair value on recurring (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in Level 3 Financial Liabilities Related to Contingent Consideration [Roll Forward] | ||
Beginning balance | $ 219,908 | $ 304,248 |
Payments | (146,971) | (138,171) |
Initial estimate upon acquisition and revaluations | (36,714) | 53,915 |
Translation adjustment | 410 | (84) |
Ending balance | 36,633 | $ 219,908 |
NeoTract, Inc | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Payment for contingent consideration liability | $ 140,600 |
Shareholders' equity - Addition
Shareholders' equity - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shareholders Equity [Line Items] | |||
Common shares, authorized (in shares) | 200,000,000 | ||
Common shares, par value (in dollars per share) | $ 1 | $ 1 | |
Preference shares, authorized (in shares) | 500,000 | ||
Stock Option | |||
Shareholders Equity [Line Items] | |||
Weighted average antidilutive which were not included in the calculation of earnings per share (in shares) | 100,000 | 100,000 | 600,000 |
Shareholders' equity - Reconcil
Shareholders' equity - Reconciliation of basic to diluted weighted average common shares outstanding (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | |||
Basic (in shares) | 46,488 | 46,200 | 45,689 |
Dilutive effect of share based awards (in shares) | 799 | 890 | 970 |
Dilutive effect of convertible notes and warrants (in shares) | 0 | 0 | 142 |
Diluted (in shares) | 47,287 | 47,090 | 46,801 |
Shareholders' equity - Change i
Shareholders' equity - Change in accumulated other comprehensive income (loss), net of tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | $ 2,979,320 | $ 2,539,978 |
Other comprehensive income (loss) before reclassifications | 39,395 | (7,554) |
Amounts reclassified from accumulated other comprehensive (loss) income | 7,699 | 4,247 |
Net current-year other comprehensive (loss) income | 47,094 | (3,307) |
Ending Balance | 3,336,457 | 2,979,320 |
Cash Flow Hedges | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | 735 | 807 |
Other comprehensive income (loss) before reclassifications | (3,331) | 1,062 |
Amounts reclassified from accumulated other comprehensive (loss) income | 2,114 | (1,134) |
Net current-year other comprehensive (loss) income | (1,217) | (72) |
Ending Balance | (482) | 735 |
Pension and Other Postretirement Benefit Plans | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | (138,810) | (131,380) |
Other comprehensive income (loss) before reclassifications | (17,032) | (12,811) |
Amounts reclassified from accumulated other comprehensive (loss) income | 5,585 | 5,381 |
Net current-year other comprehensive (loss) income | (11,447) | (7,430) |
Ending Balance | (150,257) | (138,810) |
Foreign Currency Translation Adjustment | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | (206,317) | (210,512) |
Other comprehensive income (loss) before reclassifications | 59,758 | 4,195 |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 0 |
Net current-year other comprehensive (loss) income | 59,758 | 4,195 |
Ending Balance | (146,559) | (206,317) |
Accumulated Other Comprehensive Income (loss) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | (344,392) | (341,085) |
Ending Balance | $ (297,298) | $ (344,392) |
Shareholders' equity - Accumula
Shareholders' equity - Accumulated other comprehensive income (loss) into income expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Cost of goods sold | $ 1,212,282 | $ 1,186,357 | $ 1,145,567 | ||||||||
Income from continuing operations before taxes | 357,732 | 339,903 | 219,628 | ||||||||
Taxes (benefit) on income from continuing operations | 21,931 | (122,078) | 23,196 | ||||||||
Net of tax | $ 76,601 | $ 116,605 | $ 11,443 | $ 131,152 | $ 107,806 | $ 228,929 | $ 83,328 | $ 41,918 | 335,801 | 461,981 | 196,432 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Impact on income from continuing operations, net of tax | 7,699 | 4,247 | 3,716 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedges | Foreign Exchange Forward | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Cost of goods sold | 2,354 | (1,284) | (2,270) | ||||||||
Income from continuing operations before taxes | 2,354 | (1,284) | (2,270) | ||||||||
Taxes (benefit) on income from continuing operations | 240 | (150) | (163) | ||||||||
Net of tax | 2,114 | (1,134) | (2,107) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Pension and Other Postretirement Benefit Plans | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income from continuing operations before taxes | 7,286 | 7,012 | 7,556 | ||||||||
Taxes (benefit) on income from continuing operations | 1,701 | 1,631 | 1,733 | ||||||||
Net of tax | 5,585 | 5,381 | 5,823 | ||||||||
Actuarial losses | 7,253 | 6,930 | 7,305 | ||||||||
Prior-service credits | $ 33 | $ 82 | $ 251 |
Stock compensation plans - Addi
Stock compensation plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Maximum number of common stock authorized to be issued under plan (in shares) | 5,300,000 | ||
Number of options granted (in shares) | 130,206 | ||
Unrecognized compensation expense | $ 30.4 | ||
Shares available for future grants (in shares) | 3,183,199 | ||
Stock option granted, weighted average grant date fair value (in dollars per share) | $ 74.60 | $ 68.22 | $ 58.16 |
Stock option granted, weighted average grant date fair value | $ 77.9 | $ 64.3 | $ 69.4 |
Stock option expenses including selling general and administrative expenses | $ 9.4 | ||
Non-vested restricted stock units issued (in shares) | 52,464 | 69,799 | 62,221 |
Non vested restricted stock expense including selling general and administrative expense | $ 14.8 | ||
Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of options granted (in shares) | 130,206 | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant of restricted stock awards (in shares) | 52,464 | ||
Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 9.4 | ||
Period for recognition | 1 year 5 months 12 days | ||
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 16.2 | ||
Period for recognition | 1 year 2 months 12 days | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant of restricted stock awards (in shares) | 52,464 | ||
Weighted average grant date fair value (in dollars per share) | $ 344.70 | $ 286.51 | $ 250.66 |
Performance Shares Units (PSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Weighted average grant date fair value (in dollars per share) | $ 362.78 | ||
2014 Plan | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares (in shares) | 1 | ||
2014 Plan | Stock Compensation Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares (in shares) | 1.8 | ||
Prior Plans Before December 31, 2013 | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares (in shares) | 1 | ||
Prior Plans Before December 31, 2013 | Stock Compensation Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares (in shares) | 1.8 | ||
Prior Plans After January 1, 2014 | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares (in shares) | 1 | ||
Prior Plans After January 1, 2014 | Stock Compensation Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of award shares (in shares) | 1.8 | ||
Minimum | Performance Shares Units (PSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant of restricted stock awards (in shares) | 25,818 | ||
Maximum | Performance Shares Units (PSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant of restricted stock awards (in shares) | 64,562 |
Stock compensation plans - Shar
Stock compensation plans - Share-based Compensation Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation | $ 20.7 | $ 26.9 | $ 22.4 |
Tax benefit from compensation expense | 22 | 21.1 | 20.7 |
Net excess tax benefit from compensation expense | $ 17.5 | $ 15.4 | $ 15.9 |
Stock compensation plans - Weig
Stock compensation plans - Weighted-average assumptions used to estimate fair value of options granted (Detail) - Stock Options | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Weighted Average Fair Values [Line Items] | |||
Risk-free interest rate | 1.16% | 2.44% | 2.67% |
Expected life of option | 5 years | 4 years 11 months 26 days | 4 years 11 months 23 days |
Expected dividend yield | 0.39% | 0.47% | 0.54% |
Expected volatility | 23.98% | 23.92% | 22.65% |
Stock compensation plans- Summa
Stock compensation plans- Summary of stock option activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options, Outstanding, beginning of year (in shares) | shares | 1,325,532 |
Number of Options, Granted (in shares) | shares | 130,206 |
Number of Options, Exercised (in shares) | shares | (289,324) |
Number of Options, Forfeited or Expired (in shares) | shares | (9,099) |
Number of Options, Outstanding, ending of year (in shares) | shares | 1,157,315 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted Average Exercise Price, Outstanding, beginning of year (in dollars per share) | $ / shares | $ 161.91 |
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares | 347.64 |
Weighted Average Exercise Price, Exercised (in dollars per share) | $ / shares | 106.79 |
Weighted Average Exercise Price, Forfeited or Expired (in dollars per share) | $ / shares | 290.49 |
Weighted Average Exercise Price, Outstanding, beginning of year (in dollars per share) | $ / shares | $ 195.57 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Number of Options, Exercisable, end of year (in shares) | shares | 903,680 |
Weighted Average Exercise Price, Exercisable, end of year (in dollars per share) | $ / shares | $ 163.27 |
Weighted Average Remaining Contractual Life in Years, Outstanding, end of year | 5 years 8 months 15 days |
Weighted Average Remaining Contractual Life in Years, Exercisable, end of year | 4 years 11 months 8 days |
Aggregate Intrinsic Value, Outstanding, end of year | $ | $ 249,979 |
Aggregate Intrinsic Value, Exercisable, end of year | $ | $ 224,388 |
Stock compensation plans - We_2
Stock compensation plans - Weighted-average assumptions used to estimate fair value of non-vested shares granted (Detail) - Restricted Stock Units | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Weighted Average Fair Values [Line Items] | |||
Risk-free interest rate | 1.07% | 2.41% | 2.41% |
Expected dividend yield | 0.38% | 0.46% | 0.53% |
Stock compensation plans - Summ
Stock compensation plans - Summary of non vested restricted stock unit activity (Detail) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Non-Vested Shares, Outstanding, beginning of the year (in shares) | 177,348 | ||
Number of Non-Vested Shares, Granted (in shares) | 52,464 | ||
Number of Non-Vested Shares, Vested (in shares) | (67,851) | ||
Number of Non-Vested Shares, Forfeited (in shares) | (10,718) | ||
Number of Non-Vested Shares, Outstanding, end of the year (in shares) | 151,243 | 177,348 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted Average Grant Date Fair Value, Outstanding, beginning of the year (in dollars per share) | $ 240.17 | ||
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | 344.70 | $ 286.51 | $ 250.66 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 195.95 | ||
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | 285.37 | ||
Weighted Average Grant Date Fair Value, Outstanding, end of the year (in dollars per share) | $ 293.06 | $ 240.17 | |
Weighted Average Remaining Contractual Life In Years, Outstanding, end of the year | 1 year 2 months 12 days | ||
Aggregate Intrinsic Value, Outstanding, end of the year | $ 62,236 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Cumulative unremitted earnings, non-permanently reinvested | $ 1,700,000 | ||
Cumulative unremitted earnings, permanently reinvested | $ 700,000 | ||
Effective income tax rate, total | 6.10% | (35.90%) | 10.60% |
Increase (decrease) in deferred tax liability due to merger of foreign subsidiaries | $ (129,000) | ||
Realized net benefit as result of reducing our reserves with respect to uncertain tax positions | 1,700 | $ 100 | $ 800 |
Tax effect, carry forwards | 180,800 | ||
Deferred tax assets, valuation allowance | 155,008 | 119,233 | |
Unrecognized tax benefits that would impact effective tax rate | 4,400 | ||
Unrecognized tax benefits, interest (benefit) expense | 200 | 200 | 200 |
Unrecognized tax benefits, penalties | (500) | (100) | $ (300) |
Unrecognized tax benefits, interest (benefit) expense accrued | 600 | 600 | |
Unrecognized tax benefits, penalties accrued | 2,100 | $ 2,200 | |
Minimum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits change within next twelve months due to potential for resolution of foreign and U.S. examinations | 0 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits change within next twelve months due to potential for resolution of foreign and U.S. examinations | 700 | ||
No Expiration Date | |||
Income Tax Contingency [Line Items] | |||
Tax effect, carry forwards | 14,400 | ||
After 2020 but before the end of 2025 | |||
Income Tax Contingency [Line Items] | |||
Tax effect, carry forwards | 9,100 | ||
After 2025 | |||
Income Tax Contingency [Line Items] | |||
Tax effect, carry forwards | $ 157,300 |
Income taxes - Components of pr
Income taxes - Components of provision for income taxes from continuing operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 11,148 | $ 19,374 | $ (1,525) |
State | 9,644 | 8,220 | 1,432 |
Non-U.S. | 35,042 | 23,690 | 29,353 |
Deferred: | |||
Federal | (9,475) | (2,041) | (5,124) |
State | (13,734) | (28,277) | (5,114) |
Non-U.S. | (10,694) | (143,044) | 4,174 |
Provision for income taxes from continuing operations | $ 21,931 | $ (122,078) | $ 23,196 |
Income taxes - Summary of U.S.
Income taxes - Summary of U.S. and non-U.S. components of income from continuing operations before taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 233,034 | $ 89,021 | $ 37,201 |
Non-U.S. | 124,698 | 250,882 | 182,427 |
Income from continuing operations before taxes | $ 357,732 | $ 339,903 | $ 219,628 |
Income taxes - Reconciliations
Income taxes - Reconciliations between statutory federal income tax rate and effective income tax rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
Tax effect of international items | (5.30%) | (11.30%) | (3.30%) |
Impacts of the TCJA | 0 | 0 | (0.010) |
Legal entity merger - deferred taxes | 0.00% | (38.00%) | 0.00% |
Excess tax benefits related to share-based compensation | (4.90%) | (4.50%) | (7.20%) |
State taxes, net of federal benefit | (0.30%) | (4.90%) | (0.10%) |
Uncertain tax contingencies | (0.50%) | 0.00% | (0.40%) |
Contingent consideration | (2.20%) | 3.40% | 5.30% |
Intellectual property impairment charge | (1.20%) | 0.00% | (2.00%) |
Research and development tax credit | (1.10%) | (1.10%) | (1.60%) |
Other, net | 0.60% | (0.50%) | (0.10%) |
Effective income tax rate, total | 6.10% | (35.90%) | 10.60% |
Increase (decrease) in deferred tax liability due to merger of foreign subsidiaries | $ (129) |
Income taxes - Deferred tax ass
Income taxes - Deferred tax assets and liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Tax loss and credit carryforwards | $ 180,782 | $ 174,997 |
Lease assets | 25,429 | 28,577 |
Pension | 12,237 | 14,971 |
Reserves and accruals | 72,931 | 60,799 |
Other | 7,996 | 3,207 |
Less: valuation allowances | (155,008) | (119,233) |
Total deferred tax assets | 144,367 | 163,318 |
Deferred tax liabilities: | ||
Property, plant and equipment | 25,633 | 23,053 |
Intangibles — stock acquisitions | 476,150 | 441,079 |
Unremitted non-U.S. earnings | 91,539 | 81,967 |
Lease liabilities | 25,429 | 28,577 |
Other | 2,221 | 22,628 |
Total deferred tax liabilities | 620,972 | 597,304 |
Net deferred tax liability | $ (476,605) | $ (433,986) |
Income taxes - Uncertain tax po
Income taxes - Uncertain tax positions for liabilities associated with unrecognized tax benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 7,561 | $ 8,106 | $ 9,336 |
Increase in unrecognized tax benefits related to prior years | 1,286 | 351 | 0 |
Decrease in unrecognized tax benefits related to prior years | 0 | (201) | 0 |
Unrecognized tax benefits related to the current year | 0 | 1,237 | 899 |
Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations | (1,864) | (1,881) | (1,955) |
Increase (decrease) in unrecognized tax benefits due to foreign currency translation | 247 | ||
Increase (decrease) in unrecognized tax benefits due to foreign currency translation | (51) | (174) | |
Ending balance | $ 7,230 | $ 7,561 | $ 8,106 |
Income Taxes - Supplemental Cas
Income Taxes - Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income taxes paid, net of refunds | $ 77,163 | $ 73,632 | $ 65,605 |
Pension and other postretirem_3
Pension and other postretirement benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated benefit obligations for plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets | $ 481 | $ 451.8 | |
Projected benefit obligations for plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets | 481.8 | 452.4 | |
Fair value of plan assets for plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets | 434.3 | 403 | |
Defined benefit plans, annual average Medicare part D subsidy | 0.1 | ||
Defined contribution plans, costs | $ 21.7 | $ 17.5 | $ 15.6 |
Defined Benefit Plan, Equity Securities | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation percentage of securities | 41.00% | ||
Fixed Income Securities | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation percentage of securities | 54.00% | ||
Other Securities | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation percentage of securities | 5.00% | ||
Pension | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 2.50% | 3.20% | |
Rate of return | 7.50% | 7.70% | 7.80% |
Accumulated benefit obligation | $ 500.6 | $ 469.6 | |
Expected employer contribution next fiscal year | $ 12.7 | ||
Postretirement Health Care Plans | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 2.30% | 3.10% | |
Expected employer contribution next fiscal year | $ 3.1 | ||
U.S. | Pension | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 2.64% | ||
Rate of return | 7.00% | 7.75% | |
U.S. | Postretirement Health Care Plans | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 2.29% | ||
Foreign Plan | Pension | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan assets with accumulated benefit obligation in excess of plan assets | $ 3.7 | $ 2.4 |
Pension and other postretirem_4
Pension and other postretirement benefits - Net benefit cost of pension and postretirement benefit plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,416 | $ 2,768 | $ 1,500 |
Interest cost | 12,827 | 16,000 | 14,816 |
Expected return on plan assets | (31,650) | (27,426) | (29,666) |
Net amortization and deferral | 7,447 | 7,013 | 6,777 |
Curtailments | 0 | 0 | 0 |
Settlements | 0 | 0 | 486 |
Net benefit (income) expense | (9,960) | (1,645) | (6,087) |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 9 | 50 |
Interest cost | 902 | 1,391 | 1,389 |
Expected return on plan assets | 0 | 0 | 0 |
Net amortization and deferral | (161) | (1) | 136 |
Curtailments | 0 | 0 | 677 |
Settlements | 0 | 0 | 0 |
Net benefit (income) expense | $ 741 | $ 1,399 | $ 2,252 |
Pension and other postretirem_5
Pension and other postretirement benefits - Weighted average assumptions used in determining net periodic benefit cost (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.20% | 4.30% | 3.60% |
Rate of return | 7.50% | 7.70% | 7.80% |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.10% | 4.20% | 3.60% |
Initial healthcare trend rate | 7.00% | 7.40% | 7.80% |
Ultimate healthcare trend rate | 5.00% | 5.00% | 5.00% |
Pension and other postretirem_6
Pension and other postretirement benefits - Summarized information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 470,236 | $ 416,470 | |
Service cost | 1,416 | 2,768 | $ 1,500 |
Interest cost | 12,827 | 16,000 | 14,816 |
Actuarial loss | 36,726 | 57,525 | |
Currency translation | 2,273 | 229 | |
Benefits paid | (21,092) | (20,350) | |
Medicare Part D reimbursement | 0 | 0 | |
Plan amendments | 47 | 0 | |
Administrative costs | (1,086) | (2,406) | |
Projected benefit obligation, end of year | 501,347 | 470,236 | 416,470 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning of year | 423,300 | 362,807 | |
Actual return on plan assets | 43,276 | 69,918 | |
Contributions | 12,490 | 12,695 | |
Benefits paid | (21,092) | (20,350) | |
Administrative costs | (1,086) | (2,406) | |
Currency translation | 738 | 636 | |
Fair value of plan assets, end of year | 457,626 | 423,300 | 362,807 |
Funded status, end of year | (43,721) | (46,936) | |
Other Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 40,042 | 42,115 | |
Service cost | 0 | 9 | 50 |
Interest cost | 902 | 1,391 | 1,389 |
Actuarial loss | 964 | 1,551 | |
Currency translation | 0 | 0 | |
Benefits paid | (5,448) | (5,090) | |
Medicare Part D reimbursement | 119 | 66 | |
Plan amendments | (4,658) | 0 | |
Administrative costs | 0 | 0 | |
Projected benefit obligation, end of year | 31,921 | 40,042 | $ 42,115 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Administrative costs | 0 | 0 | |
Funded status, end of year | $ (31,921) | $ (40,042) |
Pension and other postretirem_7
Pension and other postretirement benefits - Amounts recognized in consolidated balance sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Payroll and benefit-related liabilities | $ (122,366) | $ (115,981) |
Pension and postretirement benefit liabilities | (74,499) | (82,719) |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 3,703 | 2,449 |
Payroll and benefit-related liabilities | (1,721) | (1,617) |
Pension and postretirement benefit liabilities | (45,703) | (47,768) |
Accumulated other comprehensive loss (gain) | 232,540 | 213,989 |
Amounts recognized in balance sheet | 188,819 | 167,053 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 0 | 0 |
Payroll and benefit-related liabilities | (3,125) | (5,091) |
Pension and postretirement benefit liabilities | (28,796) | (34,951) |
Accumulated other comprehensive loss (gain) | (1,617) | 1,916 |
Amounts recognized in balance sheet | $ (33,538) | $ (38,126) |
Pension and other postretirem_8
Pension and other postretirement benefits - Amounts recognized in accumulated other comprehensive (income) loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, accumulated other comprehensive (income) loss, net of tax | $ 344,392 | ||
Impact of currency translation, accumulated other comprehensive (income) loss, net of tax | (59,758) | $ (4,195) | $ 83,889 |
Ending balance, accumulated other comprehensive (income) loss, net of tax | 297,298 | 344,392 | |
Pension | |||
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, prior service cost (credit) | 173 | 191 | |
Net amortization and deferral, prior service cost | (15) | (18) | |
Actuarial changes in benefit obligation, prior service cost | 0 | 0 | |
Defined benefit plan, plan amendments | 47 | ||
Impact of currency translation, prior service cost (credit) | 0 | 0 | |
Ending balance, prior service cost (credit) | 205 | 173 | 191 |
Beginning balance, net (gain) or loss | 213,816 | 205,719 | |
Net amortization and deferral, net (gain) or loss | (7,432) | (6,995) | |
Actuarial changes in benefit obligation, net gain (loss) | 25,100 | 15,033 | |
Defined benefit plan, net (gain) or loss on plan amendments | 0 | ||
Impact of currency translation, net (gain) or loss | 851 | 59 | |
Ending balance, net (gain) or loss | 232,335 | 213,816 | 205,719 |
Beginning balance, deferred taxes | (76,270) | (74,429) | |
Net amortization and deferral, deferred taxes | 1,738 | 1,631 | |
Actuarial changes in benefit obligation, deferred taxes | (5,875) | (3,457) | |
Defined benefit plan, plan amendments on deferred taxes | (9) | ||
Impact of currency translation, deferred taxes | (241) | (15) | |
Ending balance, deferred taxes | (80,657) | (76,270) | (74,429) |
Beginning balance, accumulated other comprehensive (income) loss, net of tax | 137,719 | 131,481 | |
Net amortization and deferral, accumulated other comprehensive (income) loss, net of tax | (5,709) | (5,382) | |
Actuarial changes in benefit obligation, accumulated other comprehensive income (loss), net of tax | 19,225 | 11,576 | |
Plan amendments in benefit obligation, accumulated other comprehensive income loss, net of tax | 38 | ||
Impact of currency translation, accumulated other comprehensive (income) loss, net of tax | 610 | 44 | |
Ending balance, accumulated other comprehensive (income) loss, net of tax | 151,883 | 137,719 | 131,481 |
Other Benefits | |||
Defined Benefit Plan, Chance in Amounts Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance, prior service cost (credit) | 7 | 71 | |
Net amortization and deferral, prior service cost | (18) | (64) | |
Actuarial changes in benefit obligation, prior service cost | 0 | 0 | |
Defined benefit plan, plan amendments | (4,658) | ||
Ending balance, prior service cost (credit) | (4,669) | 7 | 71 |
Beginning balance, net (gain) or loss | 1,909 | 293 | |
Net amortization and deferral, net (gain) or loss | 179 | 65 | |
Actuarial changes in benefit obligation, net gain (loss) | 964 | 1,551 | |
Defined benefit plan, net (gain) or loss on plan amendments | 0 | ||
Ending balance, net (gain) or loss | 3,052 | 1,909 | 293 |
Beginning balance, deferred taxes | (825) | (465) | |
Net amortization and deferral, deferred taxes | (37) | 0 | |
Actuarial changes in benefit obligation, deferred taxes | (223) | (360) | |
Defined benefit plan, plan amendments on deferred taxes | 1,076 | ||
Ending balance, deferred taxes | (9) | (825) | (465) |
Beginning balance, accumulated other comprehensive (income) loss, net of tax | 1,091 | (101) | |
Net amortization and deferral, accumulated other comprehensive (income) loss, net of tax | 124 | 1 | |
Actuarial changes in benefit obligation, accumulated other comprehensive income (loss), net of tax | 741 | 1,191 | |
Plan amendments in benefit obligation, accumulated other comprehensive income loss, net of tax | (3,582) | ||
Ending balance, accumulated other comprehensive (income) loss, net of tax | $ (1,626) | $ 1,091 | $ (101) |
Pension and other postretirem_9
Pension and other postretirement benefits - Weighted average assumptions used in determining benefit obligations (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.50% | 3.20% |
Rate of compensation increase | 2.80% | 2.80% |
Other Benefits | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.30% | 3.10% |
Initial healthcare trend rate | 6.40% | 6.60% |
Ultimate healthcare trend rate | 4.50% | 5.00% |
Pension and other postretire_10
Pension and other postretirement benefits - Fair values of pension plan assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Maximum percentage of net assets invested in emerging market | 35.00% | |
Minimum | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Effective average duration to maintain | 3 years | |
Maximum | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Effective average duration to maintain | 10 years | |
Small and Mid-Sized Companies | Equity Securities | U.S. Russell 2500 Index | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested | 80.00% | |
Foreign Companies | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested in foreign equity securities | 80.00% | |
Fixed Income Securities | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Percentage of net assets invested | 80.00% | |
Fair Value, Measurements, Recurring | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | $ 457,626 | $ 423,300 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 429,882 | 387,430 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 414,299 | 373,773 |
Fair Value, Measurements, Recurring | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 5,094 | 3,803 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 10,489 | 9,854 |
Fair Value, Measurements, Recurring | Fair Value Measured at Net Asset Value Per Share | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 27,744 | 35,870 |
Fair Value, Measurements, Recurring | Cash | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 582 | 650 |
Fair Value, Measurements, Recurring | Cash | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 582 | 650 |
Fair Value, Measurements, Recurring | Cash | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Cash | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Money market funds | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 12 | 5 |
Fair Value, Measurements, Recurring | Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 12 | 5 |
Fair Value, Measurements, Recurring | Money market funds | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Money market funds | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Managed Volatility | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 85,974 | 72,334 |
Fair Value, Measurements, Recurring | Managed Volatility | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 85,974 | 72,334 |
Fair Value, Measurements, Recurring | Managed Volatility | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Managed Volatility | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Small/Mid-Cap Equity | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 11,780 | 10,014 |
Fair Value, Measurements, Recurring | U.S. Small/Mid-Cap Equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 11,780 | 10,014 |
Fair Value, Measurements, Recurring | U.S. Small/Mid-Cap Equity | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Small/Mid-Cap Equity | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | World equity (excluding U.S.) | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 59,467 | 48,285 |
Fair Value, Measurements, Recurring | World equity (excluding U.S.) | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 59,467 | 48,285 |
Fair Value, Measurements, Recurring | World equity (excluding U.S.) | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | World equity (excluding U.S.) | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Common equity securities | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 29,592 | 38,359 |
Fair Value, Measurements, Recurring | Common equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 29,592 | 38,359 |
Fair Value, Measurements, Recurring | Common equity securities | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Common equity securities | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Intermediate duration bond fund | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 63,376 | 38,500 |
Fair Value, Measurements, Recurring | Intermediate duration bond fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 63,376 | 38,500 |
Fair Value, Measurements, Recurring | Intermediate duration bond fund | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Intermediate duration bond fund | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Long duration bond fund | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 98,996 | 107,143 |
Fair Value, Measurements, Recurring | Long duration bond fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 98,996 | 107,143 |
Fair Value, Measurements, Recurring | Long duration bond fund | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Long duration bond fund | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate bond fund | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 13,469 | 13,107 |
Fair Value, Measurements, Recurring | Corporate bond fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 13,469 | 13,107 |
Fair Value, Measurements, Recurring | Corporate bond fund | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate bond fund | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Global credit fund | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 929 | |
Fair Value, Measurements, Recurring | Global credit fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 929 | |
Fair Value, Measurements, Recurring | Global credit fund | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Global credit fund | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | |
Fair Value, Measurements, Recurring | Emerging markets debt fund | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 11,412 | 9,974 |
Fair Value, Measurements, Recurring | Emerging markets debt fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 11,412 | 9,974 |
Fair Value, Measurements, Recurring | Emerging markets debt fund | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Emerging markets debt fund | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate, government and foreign bonds | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 35,582 | 29,714 |
Fair Value, Measurements, Recurring | Corporate, government and foreign bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 35,582 | 29,714 |
Fair Value, Measurements, Recurring | Corporate, government and foreign bonds | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate, government and foreign bonds | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Asset backed – home loans | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 261 | 316 |
Fair Value, Measurements, Recurring | Asset backed – home loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Asset backed – home loans | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 261 | 316 |
Fair Value, Measurements, Recurring | Asset backed – home loans | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Multi asset funds | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 8,890 | 8,246 |
Fair Value, Measurements, Recurring | Multi asset funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 4,057 | 4,759 |
Fair Value, Measurements, Recurring | Multi asset funds | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 4,833 | 3,487 |
Fair Value, Measurements, Recurring | Multi asset funds | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Contract with insurance company | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 10,485 | 9,849 |
Fair Value, Measurements, Recurring | Contract with insurance company | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Contract with insurance company | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Contract with insurance company | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 10,485 | 9,849 |
Fair Value, Measurements, Recurring | Other | Fair Value, Inputs, Level 1, 2 and 3 | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 4 | 5 |
Fair Value, Measurements, Recurring | Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Other | Significant Observable Inputs (Level 2) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fair Value, Measurements, Recurring | Other | Significant Unobservable Inputs (Level 3) | ||
Schedule Of Pension Plan Assets By Fair Value [Line Items] | ||
Fair value of plan assets | $ 4 | $ 5 |
Pension and other postretire_11
Pension and other postretirement benefits - Expected benefit payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Pension | |
Schedule Of Pension Expected Future Benefit Payments [Line Items] | |
2021 | $ 22,527 |
2022 | 22,997 |
2023 | 23,433 |
2024 | 24,018 |
2025 | 24,354 |
Years 2026 — 2030 | 128,246 |
Other Benefits | |
Schedule Of Pension Expected Future Benefit Payments [Line Items] | |
2021 | 3,123 |
2022 | 2,996 |
2023 | 2,864 |
2024 | 2,583 |
2025 | 2,481 |
Years 2026 — 2030 | $ 8,622 |
Commitments and contingent li_2
Commitments and contingent liabilities - Additional Information (Detail) - USD ($) $ in Millions | Feb. 17, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pending Litigation | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Money damages sought | $ 66.9 | ||
Minimum | |||
Loss Contingencies [Line Items] | |||
Estimated time frame over which accrued amounts may be paid out | 10 years | ||
Minimum | China investigation, unpaid tariffs | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual, unpaid tariff, penalties percentage | 30.00% | ||
Loss contingency, estimate of possible loss | $ 3 | ||
Loss contingency accrual | $ 3 | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Estimated time frame over which accrued amounts may be paid out | 15 years | ||
Maximum | China investigation, unpaid tariffs | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual, unpaid tariff, penalties percentage | 200.00% | ||
Loss contingency, estimate of possible loss | $ 20.3 | ||
Accrued Liabilities | |||
Loss Contingencies [Line Items] | |||
Waste disposed accrued liability | 1.6 | $ 0.7 | |
Contingency reserve for litigation | 0.3 | 0.4 | |
Other Liabilities | |||
Loss Contingencies [Line Items] | |||
Waste disposed accrued liability | $ 5.2 | $ 6.2 |
Business segments and other i_3
Business segments and other information - Segment Result (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 27, 2020USD ($) | Jun. 28, 2020USD ($) | Mar. 29, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 29, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Number of reportable segments | segment | 4 | ||||||||||
Net revenues | $ 711,179 | $ 628,301 | $ 567,034 | $ 630,642 | $ 680,952 | $ 648,319 | $ 652,507 | $ 613,584 | $ 2,537,156 | $ 2,595,362 | $ 2,448,383 |
Operating profit | 423,068 | 427,254 | 321,704 | ||||||||
Depreciation and amortization | 227,252 | 218,369 | 214,714 | ||||||||
Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating profit | 578,829 | 545,441 | 490,317 | ||||||||
Segment Reconciling Items | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Operating profit | (155,761) | (118,187) | (168,613) | ||||||||
Americas | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Depreciation and amortization | 151,111 | 153,419 | 146,016 | ||||||||
Americas | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 1,465,035 | 1,492,274 | 1,351,699 | ||||||||
Operating profit | 401,391 | 319,933 | 255,798 | ||||||||
EMEA | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Depreciation and amortization | 47,012 | 44,328 | 47,171 | ||||||||
EMEA | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 584,859 | 588,043 | 603,813 | ||||||||
Operating profit | 81,348 | 94,424 | 106,090 | ||||||||
Asia | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Depreciation and amortization | 13,594 | 14,072 | 12,917 | ||||||||
Asia | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 267,016 | 294,328 | 286,895 | ||||||||
Operating profit | 51,238 | 73,090 | 78,135 | ||||||||
OEM | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Depreciation and amortization | 15,535 | 6,550 | 8,610 | ||||||||
OEM | Operating Segments | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net revenues | 220,246 | 220,717 | 205,976 | ||||||||
Operating profit | $ 44,852 | $ 57,994 | $ 50,294 |
Business segments and other i_4
Business segments and other information - Total net revenues and total net property, plant and equipment by geographic region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 711,179 | $ 628,301 | $ 567,034 | $ 630,642 | $ 680,952 | $ 648,319 | $ 652,507 | $ 613,584 | $ 2,537,156 | $ 2,595,362 | $ 2,448,383 |
Property, plant and equipment, net | 473,912 | 430,719 | 473,912 | 430,719 | 432,766 | ||||||
U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,567,144 | 1,606,248 | 1,449,426 | ||||||||
Property, plant and equipment, net | 234,186 | 228,173 | 234,186 | 228,173 | 258,415 | ||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 646,577 | 652,069 | 671,264 | ||||||||
Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 230,267 | 241,278 | 234,090 | ||||||||
All other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 93,168 | 95,767 | 93,603 | ||||||||
Property, plant and equipment, net | 115,593 | 108,989 | 115,593 | 108,989 | 81,176 | ||||||
Malaysia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | 71,760 | 53,406 | 71,760 | 53,406 | 51,952 | ||||||
Ireland | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, plant and equipment, net | $ 52,373 | $ 40,151 | $ 52,373 | $ 40,151 | $ 41,223 |
QUARTERLY DATA (UNAUDITED) (Det
QUARTERLY DATA (UNAUDITED) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 711,179 | $ 628,301 | $ 567,034 | $ 630,642 | $ 680,952 | $ 648,319 | $ 652,507 | $ 613,584 | $ 2,537,156 | $ 2,595,362 | $ 2,448,383 |
Gross profit | 383,554 | 329,324 | 278,372 | 333,624 | 377,722 | 355,075 | 352,238 | 323,970 | 1,324,874 | 1,409,005 | 1,302,816 |
Income from continuing operations before interest,loss on extinguishment of debt and taxes | 95,080 | 132,092 | 38,810 | 157,086 | 126,932 | 117,621 | 107,458 | 75,243 | 423,068 | 427,254 | 321,704 |
Income from continuing operations | 76,601 | 116,605 | 11,443 | 131,152 | 107,806 | 228,929 | 83,328 | 41,918 | 335,801 | 461,981 | 196,432 |
(Loss) income from discontinued operations | (470) | (18) | 13 | (2) | 459 | 0 | 47 | (1,021) | (477) | (515) | 4,370 |
Net income | $ 76,131 | $ 116,587 | $ 11,456 | $ 131,150 | $ 108,265 | $ 228,929 | $ 83,375 | $ 40,897 | $ 335,324 | $ 461,466 | $ 200,802 |
Basic: | |||||||||||
Income from continuing operations (in dollars per share) | $ 1.64 | $ 2.51 | $ 0.25 | $ 2.83 | $ 2.33 | $ 4.95 | $ 1.80 | $ 0.91 | $ 7.22 | $ 10 | $ 4.30 |
Loss from discontinued operations (in dollars per share) | (0.01) | 0 | 0 | 0 | 0.01 | 0 | 0.01 | (0.02) | (0.01) | (0.01) | 0.09 |
Net income (in dollars per share) | 1.63 | 2.51 | 0.25 | 2.83 | 2.34 | 4.95 | 1.81 | 0.89 | 7.21 | 9.99 | 4.39 |
Diluted: | |||||||||||
Income from continuing operations (in dollars per share) | 1.62 | 2.46 | 0.24 | 2.78 | 2.28 | 4.85 | 1.77 | 0.89 | 7.10 | 9.81 | 4.20 |
Loss from discontinued operations (in dollars per share) | (0.01) | 0 | 0 | 0 | 0.01 | 0 | 0 | (0.02) | (0.01) | (0.01) | 0.09 |
Net income (loss), diluted (in dollar per share) | $ 1.61 | $ 2.46 | $ 0.24 | $ 2.78 | $ 2.29 | $ 4.85 | $ 1.77 | $ 0.87 | $ 7.09 | $ 9.80 | $ 4.29 |
Reclassification [Line Items] | |||||||||||
Intangible asset amortization expense | $ 158,685 | $ 149,974 | $ 149,486 | ||||||||
Cost of Sales | |||||||||||
Reclassification [Line Items] | |||||||||||
Intangible asset amortization expense | $ 84,400 | ||||||||||
Revision of Prior Period, Adjustment | Cost of Sales | |||||||||||
Reclassification [Line Items] | |||||||||||
Intangible asset amortization expense | $ 20,500 | $ 20,600 | $ 20,700 | $ 20,800 | 82,600 | 81,600 | |||||
Revision of Prior Period, Adjustment | Selling, General and Administrative Expenses | |||||||||||
Reclassification [Line Items] | |||||||||||
Intangible asset amortization expense | $ (20,500) | $ (20,600) | $ (20,700) | $ (20,800) | $ (82,600) | $ (81,600) |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS - ALLOWANCE FOR DOUBTFUL ACCOUNTS (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 9,100 | ||
Balance at End of Year | 12,900 | $ 9,100 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 9,055 | 9,348 | $ 10,255 |
Additions Charged to Income | 3,798 | 1,680 | 2,521 |
Accounts Receivable Write-offs | (1,336) | (1,739) | (2,601) |
Translation and Other | 1,358 | (234) | (827) |
Balance at End of Year | $ 12,875 | $ 9,055 | $ 9,348 |
SCHEDULE II - VALUATION AND Q_3
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS - DEFERRED TAX ASSET VALUATION ALLOWANCE (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 119,233 | ||
Balance at End of Year | 155,008 | $ 119,233 | |
Valuation Allowance of Deferred Tax Assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 119,233 | 143,971 | $ 104,799 |
Additions Charged to Income | 30,640 | 31,564 | 43,361 |
Accounts Receivable Write-offs | (59) | (55,797) | (2,871) |
Translation and Other | 5,194 | (505) | (1,318) |
Balance at End of Year | $ 155,008 | $ 119,233 | $ 143,971 |