XML 23 R13.htm IDEA: XBRL DOCUMENT v3.22.2.2
Restructuring and impairment charges
 9 Months Ended
Sep. 25, 2022
Restructuring and Related Activities [Abstract]  
Restructuring and impairment charges Restructuring and impairment charges
We have ongoing restructuring initiatives consisting of a plan, initiated in connection with the Respiratory business divestiture described in Note 4, designed to separate the manufacturing operations to be transferred to Medline from those that will remain with Teleflex (the “Respiratory divestiture plan”), and plans related to the relocation of manufacturing operations to existing lower-cost locations and related workforce reductions (referred to as the 2019 and 2018 Footprint realignment plans). The following tables provide a summary of our cost estimates and other information associated with these plans:
Respiratory divestiture plan2019 Footprint realignment plan2018 Footprint realignment plan
Plan expense estimates:(Dollars in millions)
Termination benefits
$5 to $8
$12 to $13
$60 to $63
Other costs (1)
— to —
2 to 2
4 to 4
Restructuring charges
5 to 8
14 to 15
64 to 67
Restructuring related charges (2)
19 to 22
42 to 45
44 to 49
Total restructuring and restructuring related charges
$24 to $30
$56 to $60
$108 to $116
Other plan estimates:
Expected cash outlays
$24 to $30
$48 to $52
$95 to $100
Expected capital expenditures
$22 to $28
$32 to $34
$16 to $17
Other plan information:
Period initiatedMay 2021February 2019May 2018
Estimated period of substantial completion202320222022
Aggregate restructuring charges$3.1$14.5$63.5
Restructuring reserve:
Balance as of September 25, 2022$2.8$1.6$34.5
Restructuring related charges incurred:
Three Months Ended September 25, 2022$2.1$1.3$2.7
Nine Months Ended September 25, 2022$6.5$4.2$8.2
Aggregate restructuring related charges$9.8$38.4$35.5
(1)Includes facility closure, employee relocation, equipment relocation and outplacement costs.
(2)Restructuring related charges represent costs that are directly related to the plans 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.
In 2014, we initiated a restructuring plan involving the consolidation of operations and a related reduction in workforce at certain facilities, in addition to the relocation of manufacturing operations from certain higher-cost locations to existing lower-cost locations (the "2014 Footprint realignment plan”). The plan is substantially complete and as a result, we expect future restructuring expenses associated with the plan, if any, to be immaterial.
Restructuring and impairment charges recognized for the three and nine months ended September 25, 2022 and September 26, 2021 consisted of the following:
Three Months Ended September 25, 2022
Termination Benefits
Other Costs (1)
Total
Respiratory divestiture plan$123 $22 $145 
2019 Footprint realignment plan(50)16 (34)
2018 Footprint realignment plan203 252 455 
Other restructuring programs (2)
24 38 62 
Restructuring charges$300 $328 $628 
Three Months Ended September 26, 2021
Termination Benefits
Other Costs (1)
Total
Respiratory divestiture plan$126 $(1)$125 
2021 Restructuring plan226 42 268 
2019 Footprint realignment plan9 86 95 
2018 Footprint realignment plan191 10 201 
Other restructuring programs (3)
60 210 270 
Restructuring charges$612 $347 $959 
Nine Months Ended September 25, 2022
Termination benefits
Other costs (1)
Total
Respiratory divestiture plan$358 $67 $425 
2019 Footprint realignment plan(1,120)61 (1,059)
2018 Footprint realignment plan514 547 1,061 
Other restructuring plans (2)
750 276 1,026 
Restructuring charges502 951 1,453 
Asset impairment charges— 1,497 1,497 
Restructuring and impairment charges$502 $2,448 $2,950 
Nine Months Ended September 26, 2021
Termination benefits
Other costs (1)
Total
Respiratory divestiture plan$2,666 $— $2,666 
2021 Restructuring plan7,115 65 7,180 
2019 Footprint realignment plan49 282 331 
2018 Footprint realignment plan1,917 147 2,064 
Other restructuring plans (3)
(110)1,581 1,471 
Restructuring charges11,637 2,075 13,712 
Asset impairment charges— 6,739 6,739 
Restructuring and impairment charges$11,637 $8,814 $20,451 
(1) Other costs include facility closure, contract termination and other exit costs.
(2) Includes activity primarily related to a restructuring plan initiated in the first quarter of 2022 that is designed to relocate manufacturing operations at certain of our facilities, the 2021 Restructuring plan and the 2014 Footprint realignment plan.
(3) Includes the 2020 Workforce reduction plan, the program initiated during third quarter of 2019 and the 2014 Footprint realignment plan.