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(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Delaware						23-1147939
(State or other jurisdiction of incorporation or organization)						(I.R.S. employer identification no.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

TFX

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   ☒    No  ☐

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Page

PART I — FINANCIAL INFORMATION

Item 1:

Financial Statements (Unaudited):

2

Condensed Consolidated Statements of Income

2

Condensed Consolidated Statements of Comprehensive Income

3

Condensed Consolidated Balance Sheets

4

Condensed Consolidated Statements of Cash Flows

5

Condensed Consolidated Statements of Changes in Equity

6

Notes to Condensed Consolidated Financial Statements

7

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

30

Item 4:

Controls and Procedures

30

PART II — OTHER INFORMATION

Item 1:

Legal Proceedings

32

Item 1A:

Risk Factors

32

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

33

Item 3:

Defaults Upon Senior Securities

33

Item 4:

Mine Safety Disclosures

33

Item 5:

Other Information

33

Item 6:

Exhibits

34

SIGNATURES

35

PART I — FINANCIAL INFORMATION

			Three Months Ended																		Six Months Ended
			June 28, 2020						June 30, 2019						June 28, 2020						June 30, 2019
			(Dollars and shares in thousands, except per share)
Net revenues			$	567,034					$	652,507					$	1,197,676					$	1,266,091
Cost of goods sold			288,662						300,269						585,680						589,883
Gross profit			278,372						352,238						611,996						676,208
Selling, general and administrative expenses			191,193						215,500						338,989						422,421
Research and development expenses			29,364						27,595						56,760						54,745
Restructuring and impairment charges			19,005						1,685						20,351						19,080
Gain on sale of assets			—						—						—						(2,739)
Income from continuing operations before interest and taxes			38,810						107,458						195,896						182,701
Interest expense			15,682						20,758						31,121						43,450
Interest income			(163)						(472)						(742)						(811)
Income from continuing operations before taxes			23,291						87,172						165,517						140,062
Taxes on income from continuing operations			11,848						3,844						22,922						14,816
Income from continuing operations			11,443						83,328						142,595						125,246
Operating income (loss) from discontinued operations			22						61						18						(1,282)
Tax benefit (expense) on operating loss from discontinued operations			9						14						7						(308)
Income (loss) from discontinued operations			13						47						11						(974)
Net income			$	11,456					$	83,375					$	142,606					$	124,272
Earnings per share:
Basic:
Income from continuing operations			$	0.25					$	1.80					$	3.07					$	2.72
Income (loss) from discontinued operations			—						0.01						—						(0.02)
Net income			$	0.25					$	1.81					$	3.07					$	2.70
Diluted:
Income from continuing operations			$	0.24					$	1.77					$	3.02					$	2.67
Loss from discontinued operations			—						—						—						(0.03)
Net income			$	0.24					$	1.77					$	3.02					$	2.64
Weighted average common shares outstanding
Basic			46,442						46,172						46,412						46,111
Diluted			47,242						47,036						47,237						46,989

			Three Months Ended																		Six Months Ended
			June 28, 2020						June 30, 2019						June 28, 2020						June 30, 2019
			(Dollars in thousands)
Net income			$	11,456					$	83,375					$	142,606					$	124,272
Other comprehensive income (loss), net of tax:
Foreign currency translation, net of tax of $$2,295, $(298), $(5,286), and $(1,759) for the three and six months periods, respectively			17,654						12,568						(545)						12,332
Pension and other postretirement benefit plans adjustment, net of tax of $(404), $(446), $(926), and $(836) for the three and six months periods, respectively			1,345						1,459						3,034						2,688
Derivatives qualifying as hedges, net of tax of $64, $83, $436, and $82 for the three and six months periods, respectively			(1,095)						755						(4,912)						158
Other comprehensive income (loss), net of tax:			17,904						14,782						(2,423)						15,178
Comprehensive income			$	29,360					$	98,157					$	140,183					$	139,450

			June 28, 2020						December 31, 2019
			(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents			$	553,535					$	301,083
Accounts receivable, net			374,886						418,673
Inventories			514,755						476,557
Prepaid expenses and other current assets			94,381						97,943
Prepaid taxes			7,060						12,076
Total current assets			1,544,617						1,306,332
Property, plant and equipment, net			432,401						430,719
Operating lease assets			101,982						113,160
Goodwill			2,343,561						2,245,305
Intangible assets, net			2,260,863						2,156,285
Deferred tax assets			5,589						5,572
Other assets			76,117						52,447
Total assets			$	6,765,130					$	6,309,820
LIABILITIES AND EQUITY
Current liabilities
Current borrowings			$	83,000					$	50,000
Accounts payable			107,140						102,916
Accrued expenses			103,557						100,466
Current portion of contingent consideration			25,243						148,090
Payroll and benefit-related liabilities			80,602						115,981
Accrued interest			6,887						5,514
Income taxes payable			18,340						6,692
Other current liabilities			31,846						33,396
Total current liabilities			456,615						563,055
Long-term borrowings			2,328,791						1,858,943
Deferred tax liabilities			488,968						439,558
Pension and postretirement benefit liabilities			60,866						82,719
Noncurrent liability for uncertain tax positions			12,381						10,294
Noncurrent contingent consideration			24,036						71,818
Noncurrent operating lease liabilities			91,917						101,372
Other liabilities			204,154						202,741
Total liabilities			3,667,728						3,330,500
Commitments and contingencies
Total shareholders' equity			3,097,402						2,979,320
Total liabilities and shareholders' equity			$	6,765,130					$	6,309,820

			Six Months Ended
			June 28, 2020						June 30, 2019
			(Dollars in thousands)
Cash flows from operating activities of continuing operations:
Net income			$	142,606					$	124,272
Adjustments to reconcile net income to net cash provided by operating activities:
(Income) loss from discontinued operations			(11)						974
Depreciation expense			34,461						31,966
Intangible asset amortization expense			78,638						75,285
Deferred financing costs and debt discount amortization expense			1,984						2,249
Gain on sale of assets			—						(2,739)
Fair value step up of acquired inventory sold			1,707						—
Changes in contingent consideration			(29,951)						25,456
Impairment of long-lived assets			—						6,911
Stock-based compensation			8,482						12,700
Deferred income taxes, net			1,055						(5,495)
Payments for contingent consideration			(79,771)						(26,092)
Interest benefit on swaps designated as net investment hedges			(9,805)						(8,799)
Other			(18,981)						4,272
Changes in assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable			45,843						(19,747)
Inventories			(34,875)						(33,970)
Prepaid expenses and other assets			11,819						(6,381)
Accounts payable, accrued expenses and other liabilities			(26,449)						(6,231)
Income taxes receivable and payable, net			7,257						(17,347)
Net cash provided by operating activities from continuing operations			134,009						157,284
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment			(39,052)						(56,107)
Proceeds from sale of assets			400						1,178
Payments for businesses and intangibles acquired, net of cash acquired			(265,895)						(1,025)
Net interest proceeds on swaps designated as net investment hedges			9,986						8,330
Net cash used in investing activities from continuing operations			(294,561)						(47,624)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings			1,010,000						25,000
Reduction in borrowings			(500,000)						(52,500)
Debt extinguishment, issuance and amendment fees			(7,727)						(4,703)
Net proceeds from share based compensation plans and the related tax impacts			2,668						7,829
Payments for contingent consideration			(60,947)						(111,928)
Dividends paid			(31,558)						(31,347)
Net cash provided by (used in) financing activities from continuing operations			412,436						(167,649)
Cash flows from discontinued operations:
Net cash (used in) provided by operating activities			(317)						2,799
Net cash (used in) provided by discontinued operations			(317)						2,799
Effect of exchange rate changes on cash and cash equivalents			885						1,925
Net increase (decrease) in cash and cash equivalents			252,452						(53,265)
Cash and cash equivalents at the beginning of the period			301,083						357,161
Cash and cash equivalents at the end of the period			$	553,535					$	303,896

			Common Stock																		Additional Paid In Capital						Retained Earnings						Accumulated Other Comprehensive Loss						Treasury Stock																		Total
			Shares						Dollars																																	Shares						Dollars
			(Dollars and shares in thousands, except per share)
Balance at December 31, 2019			47,536						$	47,536					$	616,980					$	2,824,916					$	(344,392)					1,182						$	(165,720)					$	2,979,320
Cumulative effect adjustment resulting from the adoption of new accounting standards																					(791)																								(791)
Net income																					131,150																								131,150
Cash dividends ($0.34 per share)																					(15,767)																								(15,767)
Other comprehensive loss																											(20,327)																		(20,327)
Shares issued under compensation plans			24						24						(3,074)																		(37)						1,748						(1,302)
Deferred compensation															383																		(5)						358						741
Balance at March 29, 2020			47,560						47,560						614,289						2,939,508						(364,719)						1,140						(163,614)						3,073,024
Net income																					11,456																								11,456
Cash dividends ($0.34 per share)																					(15,791)																								(15,791)
Other comprehensive income																											17,904																		17,904
Shares issued under compensation plans			35						35						10,516																		(3)						175						10,726
Deferred compensation															—																		(1)						83						83
Balance at June 28, 2020			47,595						$	47,595					$	624,805					$	2,935,173					$	(346,815)					1,136						$	(163,356)					$	3,097,402

			Common Stock																		Additional Paid In Capital						Retained Earnings						Accumulated Other Comprehensive Loss						Treasury Stock																		Total
			Shares						Dollars																																	Shares						Dollars
			(Dollars and shares in thousands, except per share)
Balance at December 31, 2018			47,248						$	47,248					$	574,761					$	2,427,599					$	(341,085)					1,232						$	(168,545)					$	2,539,978
Cumulative effect adjustment resulting from the adoption of new accounting standards																					(1,321)																								(1,321)
Net income																					40,897																								40,897
Cash dividends ($0.34 per share)																					(15,650)																								(15,650)
Other comprehensive income																											396																		396
Shares issued under compensation plans			75						75						3,094																		(40)						2,029						5,198
Deferred compensation															127																		(4)						253						380
Balance at March 31, 2019			47,323						47,323						577,982						2,451,525						(340,689)						1,188						(166,263)						2,569,878
Net income																					83,375																								83,375
Cash dividends ($0.34 per share)																					(15,697)																								(15,697)
Other comprehensive income																											14,782																		14,782
Shares issued under compensation plans			77						77						12,252																		(2)						177						12,506
Balance as of June 30, 2019			47,400						$	47,400					$	590,234					$	2,519,203					$	(325,907)					1,186						$	(166,086)					$	2,664,844

In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for the fair statement of the financial statements for interim periods in accordance with accounting principles generally accepted in the United States of America ("GAAP") and Rule 10-01 of Securities and Exchange Commission ("SEC") Regulation S-X, which sets forth the instructions for the form and content of presentation of financial statements included in Form 10-Q. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions impacted by the COVID-19 pandemic, which are described in more detail in the 'Risks and uncertainties' section below. The results of operations for the periods reported are not necessarily indicative of those that may be expected for a full year.

Risks and Uncertainties

We are subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on our business is highly uncertain and difficult to predict due to the rapidly evolving environment and continued uncertainties created by the COVID-19 pandemic. Among other things, the response to the COVID-19 pandemic has had the effect of reducing the number of elective procedures being carried out by our customers, thereby reducing demand for products used in elective procedures, while creating an increase in demand for products used in the treatment of patients with COVID-19. The COVID-19 pandemic has significantly impacted economic activity and markets around the world through government-mandated and self-imposed shut-downs in many countries, which were implemented to protect individuals and control the spread of COVID-19. If the pandemic continues and conditions worsen, it could negatively impact our business, results of operations, financial condition and liquidity in numerous ways, including, but not limited to, lower revenues in our product categories dependent on elective procedures; further disruption in the manufacture of our products including increased manufacturing and distribution costs; extended delays in or defaults on payments of outstanding receivables; and increased volatility and pricing in capital markets. Further, the COVID-19 pandemic may cause disruption to our suppliers or their suppliers and/or the distribution of our products, whether through our direct sales force or our distributors.

In June 2016, the Financial Accounting Standards Board ("FASB") issued new guidance that changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables. The new guidance requires the recognition of an allowance that reflects the current estimate of

In December 2019, the FASB issued new guidance that simplifies various aspects of accounting for income taxes including those related to the step-up in the tax basis of goodwill, intraperiod tax allocations and the interim period effects of changes in tax laws or rates. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The majority of the modifications under the new guidance will be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings on January 1, 2021. We are currently evaluating the impact the guidance will have on our consolidated financial statements and related disclosures.

In March 2020, the SEC adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. The SEC amended its financial disclosure requirements for companies that conduct registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. The SEC narrowed the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlined the alternative disclosures required in lieu of those statements. The SEC replaced the requirement for separate financial statements of affiliates whose securities are pledged as collateral for registered securities with requirements similar to those adopted for subsidiary issuers and guarantors. The new disclosures may be located, in all cases, outside of the financial statements. The rule is effective January 4, 2021, but earlier compliance is permitted. We adopted the new rule during the first quarter of 2020. The disclosures are now located within the Liquidity and Capital Resources section of Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations.

From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and, unless otherwise indicated above, believes the new guidance will not have a material impact on the consolidated results of operations, cash flows or financial position.

Note 3 - Net revenues

			Three Months Ended																		Six Months Ended
			June 28, 2020						June 30, 2019						June 28, 2020						June 30, 2019
			(Dollars in thousands)
Vascular access			$	164,958					$	153,647					$	315,214					$	297,544
Anesthesia			64,867						85,723						140,569						165,975
Interventional			82,594						104,785						182,525						207,969
Surgical			67,275						95,570						142,707						182,289
Interventional urology			40,094						67,952						114,286						127,683
OEM			55,832						56,428						119,219						110,666
Other (1)			91,414						88,402						183,156						173,965
Net revenues (2)			$	567,034					$	652,507					$	1,197,676					$	1,266,091

(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.

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 $260.0 million. The acquisition, which complements our OEM product portfolio, was financed using borrowings under our revolving credit facility. Based on the preliminary purchase price allocation, the assets acquired principally consist of customer relationships of $139.0 million, intellectual property of $40.0 million and goodwill of $107.1 million. The intangible assets are being amortized over a useful life of 20 years. Goodwill arising from the acquisition represents costs synergies, revenue growth attributable to anticipated increased market penetration from acquired products and future customers and is not tax deductible.

2020 Workforce reduction plan

During the second quarter of 2020, we committed to a workforce reduction designed to improve profitability and reduce cost primarily by streamlining certain sales and marketing functions in our EMEA segment and certain manufacturing operations in our OEM segment. The workforce reduction was initiated to further align the business with our high growth strategic objectives. We estimate that we will incur aggregate pre-tax restructuring charges of $10 million to $13 million, consisting primarily of termination benefits, and will result in future cash outlays. This program will be substantially complete during 2020 and as a result most of these charges are expected to be incurred prior to the end of 2020.

Footprint realignment plans

We have ongoing restructuring programs primarily related to the relocation of manufacturing operations to existing lower-cost locations and related workforce reductions (referred to as 2019, 2018 and 2014 Footprint realignment plans). The following tables provide a summary of our cost estimates and other information associated with these ongoing Footprint realignment plans:

2019 Footprint realignment plan (3)

2018 Footprint realignment plan

2014 Footprint realignment plan (4)

Program expense estimates:

(Dollars in millions)

Termination benefits

$16 to $20

$60 to $70

$12 to $13

Other costs (1)

2 to 2

2 to 4

1 to 2

Restructuring charges

18 to 22

62 to 74

13 to 15

Restructuring related charges (2)

40 to 45

40 to 59

38 to 40

Total restructuring and restructuring related charges

$58 to $67

$102 to $133

$51 to $55

Other program estimates:

Expected cash outlays

$55 to $63

$99 to $127

$42 to $46

Expected capital expenditures

$27 to $33

$19 to $23

$25 to $26

Other program information:

Period initiated

February 2019

May 2018

April 2014

Estimated period of substantial completion

2022

2022 (5)

2022

Aggregate restructuring charges

$15.0

$62.1

$13.4

Restructuring reserve:

Balance as of June 28, 2020

$12.4

$50.5

$3.7

Restructuring related charges incurred:

Three Months Ended June 28, 2020

$3.9

$1.5

$0.8

Six Months Ended June 28, 2020

$6.4

$2.7

$1.7

Aggregate restructuring related charges

$13.0

$9.9

$33.9

(1)Includes facility closure, employee relocation, equipment relocation and outplacement costs.

(2)Restructuring related charges represent costs that are directly related to the programs and principally constitute costs to transfer manufacturing operations to the existing lower-cost locations, project management costs and accelerated depreciation. The 2018 Footprint realignment plan also includes a charge associated with our exit from the facilities that is expected to be imposed by the taxing authority in the affected jurisdiction. Excluding this tax charge, substantially all of the restructuring related charges are expected to be recognized within cost of goods sold.

(3)We refined the disclosed ranges for the program expense and other program estimates in consideration of the progress made to date as well as the actions remaining.

(4)We delayed the timing of substantial completion from our prior estimate of 2021 due to an extension in the development and qualification timeline, identified during the second quarter of 2020, for a component to be included in certain of our kits sold by our anesthesia business in North America. The shift in timing also resulted in an increase in the total program cost estimate and related cash outlays and as a result, we increased the high end of the ranges by $3 million. With respect to capital expenditures, we have also refined the range.

(5)We accelerated the timing of substantial completion from our prior estimate of 2024 to take advantage of an opportunity we identified during the second quarter of 2020 to accelerate the recognition of estimated savings.

Three Months Ended June 28, 2020
			Termination benefits						Other costs (1)						Total
			(Dollars in thousands)
2020 Workforce reduction plan			$	10,564					$	—					$	10,564
2019 Footprint realignment plan			323						82						405
2018 Footprint realignment plan			7,545						52						7,597
Other restructuring programs (2)			169						270						439
Restructuring charges			$	18,601					$	404					$	19,005

Three Months Ended June 30, 2019
			Termination benefits																		Other costs (1)						Total
			(Dollars in thousands)
2019 Footprint realignment plan			$	(459)																	$	30					$	(429)
2018 Footprint realignment plan			(2,275)																		134						(2,141)
Other restructuring programs (3)			62																		312						374
Restructuring charges (credits)			(2,672)																		476						(2,196)
Asset impairment charges			—																		3,881						3,881
Restructuring and impairment charges			$	(2,672)																	$	4,357					$	1,685

Six Months Ended June 28, 2020
			Termination benefits						Other costs (1)						Total
			(Dollars in thousands)
2020 Workforce reduction plan			$	10,564					$	—					$	10,564
2019 Footprint realignment plan			1,152						91						1,243
2018 Footprint realignment plan			7,859						133						7,992
Other restructuring programs (2)			62						490						552
Restructuring charges			$	19,637					$	714					$	20,351

Six Months Ended June 30, 2019
			Termination benefits						Other costs (1)						Total
			(Dollars in thousands)
2019 Footprint realignment plan			$	12,516					$	30					$	12,546
2018 Footprint realignment plan			(1,838)						708						(1,130)
Other restructuring programs (3)			188						565						753
Restructuring charges			10,866						1,303						12,169
Asset impairment charges			—						6,911						6,911
Restructuring and impairment charges			$	10,866					$	8,214					$	19,080

(1) Other costs include facility closure, contract termination and other exit costs.

(2) Includes program initiated during third quarter of 2019 as well as the 2016 and 2014 Footprint realignment plans.

(3) Includes the Vascular Solutions integration program (initiated in 2017) as well as the 2016 and 2014 Footprint realignment plans.

Inventories as of June 28, 2020 and December 31, 2019 consisted of the following:

			June 28, 2020						December 31, 2019
			(Dollars in thousands)
Raw materials			$	137,231					$	114,302
Work-in-process			72,526						71,479
Finished goods			304,998						290,776
Inventories			$	514,755					$	476,557

			Americas																								EMEA						Asia						OEM												Total
			(Dollars in thousands)
December 31, 2019			$	1,550,925																							$	475,772					$	213,725					$	4,883											$	2,245,305
Goodwill related to acquisitions			—																								—						—						107,127												107,127
Currency translation adjustment			(4,125)																								(2,618)						(2,128)						—												(8,871)
June 28, 2020			$	1,546,800																							$	473,154					$	211,597					$	112,010											$	2,343,561

The gross carrying amount of, and accumulated amortization relating to, intangible assets as of June 28, 2020 and December 31, 2019 were as follows:

			Gross Carrying Amount																		Accumulated Amortization
			June 28, 2020						December 31, 2019						June 28, 2020						December 31, 2019
			(Dollars in thousands)
Customer relationships			$	1,164,518					$	1,021,852					$	(393,057)					$	(367,585)
In-process research and development			28,109						27,940						—						—
Intellectual property			1,392,124						1,351,990						(443,927)						(402,340)
Distribution rights			23,419						23,369						(19,455)						(18,859)
Trade names			563,070						563,315						(58,035)						(50,718)
Non-compete agreements			22,768						22,618						(18,671)						(15,297)
			$	3,194,008					$	3,011,084					$	(933,145)					$	(854,799)

			June 28, 2020						December 31, 2019
			(Dollars in thousands)
Senior Credit Facility:
Revolving credit facility, at a rate of 1.55% at June 28, 2020, due 2024			$	285,000					$	300,000
Term loan facility, at a rate of 1.55% at June 28, 2020, due 2024			673,000						673,000
4.875% Senior Notes due 2026			400,000						400,000
4.625% Senior Notes due 2027			500,000						500,000
4.25% Senior Notes due 2028			500,000						—
Securitization program, at a rate of 0.93% at June 28, 2020			75,000						50,000
			2,433,000						1,923,000
Less: Unamortized debt issuance costs			(21,209)						(14,057)
			2,411,791						1,908,943
Current borrowings			(83,000)						(50,000)
Long-term borrowings			$	2,328,791					$	1,858,943

On May 27, 2020, we issued $500.0 million of 4.25% Senior Notes due 2028 (the "2028 Notes"). We will pay interest on the 2028 Notes semi-annually on June 1 and December 1, commencing on December 1, 2020, at a rate of 4.25% per year. The 2028 Notes mature on June 1, 2028 unless earlier redeemed at our option, as described below, or purchased at the holder’s option under specified circumstances following a Change of Control or Event of

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.

On March 30, 2020, we amended our accounts receivable securitization facility to increase the maximum available capacity from $50 million to $75 million.

Foreign currency forward contracts

We use derivative instruments for risk management purposes. Foreign currency forward contracts designated as cash flow hedges are used to manage foreign currency transaction exposure. Foreign currency forward contracts not designated as hedges for accounting purposes are used to manage exposure related to near term foreign currency denominated monetary assets and liabilities. We enter into the non-designated foreign currency forward contracts for periods consistent with our currency translation exposures, which generally approximate one month. For the three and six months ended June 28, 2020 we recognized a loss of $0.8 million and a gain of $0.8 million, respectively, related to non-designated foreign currency forward contract. For the three and six months ended June 30, 2019 we recognized a gain of $1.5 million and a loss of $1.6 million, respectively, related to non-designated foreign currency forward contracts.

The total notional amount for all open foreign currency forward contracts designated as cash flow hedges as of June 28, 2020 and December 31, 2019 was $126.6 million and $132.0 million, respectively. The total notional amount for all open non-designated foreign currency forward contracts as of June 28, 2020 and December 31, 2019

was $153.3 million and $145.1 million, respectively. All open foreign currency forward contracts as of June 28, 2020 have durations of 12 months or less.

During 2019, we entered into cross-currency swap agreements with five different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Under the terms of the cross-currency swap agreements, we have notionally exchanged $250 million at an annual interest rate of 4.875% for €219.2 million at an annual interest rate of 2.4595%. The swap agreements are designed as net investment hedges and expire on March 4, 2024.

During 2018, we entered into cross-currency swap agreements with six different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Under the terms of the cross-currency swap agreements, we have notionally exchanged $500 million at an annual interest rate of 4.625% for €433.9 million at an annual interest rate of 1.942%. The swap agreements are designed as net investment hedges and expire on October 4, 2023.

The swap agreements described above require an exchange of the notional amounts upon expiration or earlier termination of the agreements. We and the counterparties have agreed to effect the exchange through a net settlement.

The cross-currency swaps are marked to market at each reporting date and any changes in fair value are recognized as a component of accumulated other comprehensive income (loss) ("AOCI"). For the three and six months ended June 28, 2020, we recognized foreign exchange a loss of $7.4 million and a gain of $17.6 million, respectively, within AOCI related to the cross-currency swaps. For the three and six months ended June 30, 2019, we recognized foreign exchange loss of $0.7 million and gain of $9.8 million, respectively, within AOCI related to the cross-currency swaps. For the three and six months ended June 28, 2020, we recognized $4.9 million and $9.8 million, respectively, in interest benefit related to the cross-currency swaps. For the three and six months ended June 30, 2019, we recognized $4.9 million and $8.8 million, respectively, in interest benefit related to the cross-currency swaps.

Balance sheet presentation

The following table presents the locations in the condensed consolidated balance sheet and fair value of derivative financial instruments as of June 28, 2020 and December 31, 2019:

			June 28, 2020						December 31, 2019
			(Dollars in thousands)
Asset derivatives:
Designated foreign currency forward contracts			$	995					$	1,659
Non-designated foreign currency forward contracts			105						192
Cross-currency interest rate swaps			21,652						21,575
Prepaid expenses and other current assets			22,752						23,426
Cross-currency interest rate swaps			35,701						13,066
Other assets			35,701						13,066
Total asset derivatives			$	58,453					$	36,492
Liability derivatives:
Designated foreign currency forward contracts			$	3,391					$	1,285
Non-designated foreign currency forward contracts			187						102
Other current liabilities			3,578						1,387
Total liability derivatives			$	3,578					$	1,387

See Note 11 for information on the location and amount of gains and losses attributable to derivatives that were reclassified from AOCI to expense (income), net of tax.

There was no ineffectiveness related to our cash flow hedges during the three and six months ended June 28, 2020 and June 30, 2019.

Trade receivables

In the ordinary course of business, we grant non-interest bearing trade credit to our customers on normal credit terms. In an effort to reduce our credit risk, we (i) establish credit limits for all of our customer relationships, (ii) perform ongoing credit evaluations of our customers’ financial condition, (iii) monitor the payment history and aging of our customers’ receivables, and (iv) monitor open orders against an individual customer’s outstanding receivable balance.

Our allowance for credit losses is maintained for trade accounts receivable based on the expected collectability of accounts receivable, after considering our historical collection experience, the length of time an account is outstanding, the financial position of the customer, information provided by credit rating services in addition to new requirements under the accounting guidance, effective January 1, 2020, that includes the consideration of events or circumstances indicating historic collection rates may not be indicative of future collectability, for example, potential customer liquidity concerns resulting from COVID-19, that may impact the collectability of our receivables as well as our estimate of credit losses expected to be incurred over the life of our receivables. To date, we have not experienced significant payment defaults by, or identified other significant collectability concerns with, our customers. The assumptions utilized in our current estimates may change due to changes in circumstances, additional future developments and the resolution of other contingencies.

The following tables provide information regarding our financial assets and liabilities measured at fair value on a recurring basis as of June 28, 2020 and December 31, 2019:

			Total carrying value at  June 28, 2020						Quoted prices in active markets (Level 1)						Significant other observable Inputs (Level 2)						Significant unobservable Inputs (Level 3)
			(Dollars in thousands)
Investments in marketable securities			$	10,557					$	10,557					$	—					$	—
Derivative assets			58,453						—						58,453						—
Derivative liabilities			3,578						—						3,578						—
Contingent consideration liabilities			49,279						—						—						49,279

			Total carrying value at December 31, 2019						Quoted prices in active markets (Level 1)						Significant other observable Inputs (Level 2)						Significant unobservable Inputs (Level 3)
			(Dollars in thousands)
Investments in marketable securities			$	10,926					$	10,926					$	—					$	—
Derivative assets			36,492						—						36,492						—
Derivative liabilities			1,387						—						1,387						—
Contingent consideration liabilities			219,908						—						—						219,908

Our financial assets valued based upon Level 1 inputs are comprised of investments in marketable securities held in trust, which are available to satisfy benefit obligations under our benefit plans and other arrangements. The investment assets of the trust are valued using quoted market prices.

Our financial liabilities valued based upon Level 3 inputs (inputs that are not observable in the market) are comprised of contingent consideration arrangements pertaining to our acquisitions, which are discussed immediately below.

Contingent consideration

Contingent consideration liabilities, which primarily consist of payment obligations that are contingent upon the achievement of revenue-based goals, but also can be based on other milestones such as regulatory approvals, are remeasured to fair value each reporting period using assumptions including estimated revenues (based on internal operational budgets and long-range strategic plans), discount rates, probability of payment and projected payment dates.

We determine the fair value of the contingent consideration liabilities related to the NeoTract and Essential Medical acquisitions, which represent most of our contingent consideration liabilities as of June 28, 2020 and December 31, 2019, using a Monte Carlo simulation (which involves a simulation of future revenues during the earn-out period using management's best estimates). Increases in projected revenues, estimated cash flows and probabilities of payment may result in significantly higher fair value measurements; decreases in these items may have the opposite effect. Increases in the discount rates in periods prior to payment may result in significantly lower fair value measurements and decreases in the discount rates may have the opposite effect.

The table below provides additional information regarding the valuation technique and inputs used in determining the fair value of contingent consideration.

Contingent Consideration Liability

Valuation Technique

Unobservable Input

Range (Weighted average)

Milestone-based payments

Discounted cash flow

Discount rate

3.3% - 4.3% (3.7%)

Projected year of payment

2021 - 2023

Revenue-based payments

Monte Carlo simulation

Revenue volatility

19.5% - 24.2% (21.9%)

Risk free rate

Cost of debt structure

Projected year of payment

2020 - 2022

Discounted cash flow

Discount rate

10.0%

Projected year of payment

2020 - 2029

The following table provides information regarding changes in the contingent consideration liabilities during the six months ended June 28, 2020:

			Contingent consideration
			(Dollars in thousands)
Balance - December 31, 2019			$	219,908
Payments (1)			(140,718)
Revaluations (2)			(29,951)
Translation adjustment			40
Balance - June 28, 2020			$	49,279

(1) Consists mainly of a $140.6 million payment associated with our acquisition of NeoTract, Inc. resulting from the achievement of a revenue-based goal for the period from January 1, 2019 to December 31, 2019.

(2) The decrease, which is included within selling, general and administrative expenses, is mainly due to adverse financial projections resulting from the COVID-19 pandemic.

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average number of common shares outstanding:

			Three Months Ended																		Six Months Ended
			June 28, 2020						June 30, 2019						June 28, 2020						June 30, 2019
			(Shares in thousands)
Basic			46,442						46,172						46,412						46,111
Dilutive effect of share-based awards			800						864						825						878
Diluted			47,242						47,036						47,237						46,989

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.2 million and 0.1 million for the three and six months ended June 28, 2020, respectively, and 0.2 million for the three and six months ended June 30, 2019.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the six months ended June 28, 2020 and June 30, 2019:

			Cash Flow Hedges						Pension and Other Postretirement Benefit Plans						Foreign Currency Translation Adjustment						Accumulated Other Comprehensive (Loss) Income
			(Dollars in thousands)
Balance as of December 31, 2019			$	735					$	(138,810)					$	(206,317)					$	(344,392)
Other comprehensive (loss) income before reclassifications			(4,189)						183						(545)						(4,551)
Amounts reclassified from accumulated other comprehensive income			(723)						2,851						—						2,128
Net current-period other comprehensive (loss) income			(4,912)						3,034						(545)						(2,423)
Balance as of June 28, 2020			$	(4,177)					$	(135,776)					$	(206,862)					$	(346,815)