On November 15, 2022, we initiated a strategic restructuring plan designed to improve operating performance and position the organization to deliver long-term durable growth by creating efficiencies that align with our high growth strategic objectives (the “2022 restructuring plan”). The plan primarily involves the relocation of certain manufacturing operations to existing lower-cost locations in addition to the streamlining of various business functions across the organization and related workforce reductions. These actions are expected to be substantially completed during 2023.


			Total estimated amount expected to be incurred
Plan expense estimates:			(Dollars in millions)
Termination benefits			$18 million to $22 million
Other costs (1)			$1 million to $1 million
Restructuring Charges			$19 million to $23 million
Restructuring related charges (2)			$20 million to $25 million
Total restructuring and restructuring related charges			$39 million to $48 million

(2)Restructuring related charges represent costs that are directly related to the program and principally comprise costs to transfer manufacturing operations to the existing lower-cost locations, project management costs and accelerated depreciation. The plan also includes an $8.1 million non cash tax related charge arising from establishing a valuation allowance against a local deferred tax asset, which is no longer expected to be utilized as a result of the transfer. Excluding this tax charge, the majority of the restructuring related charges are expected to be recognized within cost of goods sold.

We estimate that $26 million to $32 million of the restructuring and restructuring related charges will result in cash outlays, most of which are expected to be made in 2023. Additionally, we expect to incur approximately $2 million in aggregate capital expenditures under the plan, most of which is expected to be incurred during 2023.

For the year ended December 31, 2022, we incurred $10.1 million in restructuring related charges, which were recognized in cost of goods sold and taxes on income from continuing operations.

During 2021 and in connection with the Respiratory business divestiture, we committed to a restructuring plan designed to separate the manufacturing operations to be transferred to Medline from those that will remain with Teleflex, which includes related workforce reductions (the “Respiratory divestiture plan”). The plan includes expanding certain of our existing locations to accommodate the transfer of capacity from the sites being transferred to Medline and replicating the manufacturing processes at alternate existing locations. We expect this plan will be substantially completed by the end of 2023. The following table provides a summary of our cost estimates by major type of expense associated with the Respiratory divestiture plan:


			Total estimated amount expected to be incurred
Plan expense estimates:			(Dollars in millions)
Restructuring charges (1)			$5 million to $8 million
Restructuring related charges (2)			$19 million to $22 million
Total restructuring and restructuring related charges			$24 million to $30 million

(2)Consist of charges that are directly related to the Respiratory divestiture plan and principally constitute costs to transfer manufacturing operations to other locations and project management costs. Substantially all of the charges are expected to be recognized within costs of goods sold.

We expect substantially all of the restructuring and restructuring related charges will result in future cash outlays. Additionally, we expect to incur $22 million to $28 million in aggregate capital expenditures under the plan.

For the years ended December 31, 2022 and 2021, we incurred $8.9 million and $3.3 million, respectively, in pre-tax restructuring related charges, all of which were recognized in cost of goods sold.

As of December 31, 2022, we have incurred net aggregate restructuring expenses related to the Respiratory divestiture plan of $3.3 million. Additionally, as of December 31, 2022, we have incurred net aggregate restructuring related charges in connection with the Respiratory divestiture plan of $12.2 million, which were primarily included in cost of goods sold.

In February 2019, we initiated a restructuring plan primarily involving the relocation of certain manufacturing operations to existing lower-cost locations and related workforce reductions (the “2019 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.

In May 2018, we initiated a restructuring plan involving the relocation of certain European manufacturing operations to existing lower-cost locations, the outsourcing of certain European distribution operations and related workforce reductions (the "2018 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.

In April 2014, we initiated a restructuring plan involving the consolidation of operations and a related reduction in workforce at certain facilities, and 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.

The following table summarizes the restructuring reserve activity related to our 2022 restructuring plan, Respiratory divestiture plan as well as the 2019 and 2018 Footprint realignment plans:


	2022 restructuring plan		Respiratory divestiture plan		2019 Footprint realignment plan		2018 Footprint realignment plan
Balance at December 31, 2020 (1)	$	—	$	—	$	8,054	$	50,081
Subsequent accruals	—		2,694		253		2,476
Cash payments	—		(7)		(4,982)		(4,813)
Foreign currency translation and other	—		(86)		(19)		(3,679)
Balance at December 31, 2021 (1)	—		2,601		3,306		44,065
Subsequent accruals	15,523		578		(987)		2,076
Cash payments	(978)		(149)		(874)		(24,310)
Foreign currency translation and other	315		19		—		(3,292)
Balance at December 31, 2022 (1)	$	14,860	$	3,049	$	1,445	$	18,539

(1)The restructuring reserves as of December 31, 2022, 2021 and 2020 consisted mainly of accruals related to termination benefits. Other costs (facility closure, employee relocation, equipment relocation and outplacement costs) were expensed and paid in the same period.


	2022
	Termination benefits		Other Costs (1)		Total

2022 Restructuring plan	$	15,465	$	58	$	15,523


Respiratory divestiture plan	504		74		578
2019 Footprint realignment plan	(1,120)		133		(987)
2018 Footprint realignment plan	1,230		846		2,076
Other restructuring programs (2)	1,306		306		1,612
Total restructuring charges	17,385		1,417		18,802
Asset impairment charges	—		1,497		1,497
Total restructuring and impairment charges	$	17,385	$	2,914	$	20,299


	2021
	Termination benefits		Other Costs (1)		Total

Respiratory divestiture plan	$	2,687	$	7	$	2,694
2021 Restructuring plan	7,280		77		7,357
2019 Footprint realignment plan	(111)		364		253
2018 Footprint realignment plan	2,335		141		2,476
Other restructuring programs (3)	(429)		2,648		2,219
Total restructuring charges	11,762		3,237		14,999
Asset impairment charges	—		6,739		6,739
Total restructuring and impairment charges	$	11,762	$	9,976	$	21,738


	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 (4)	(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

(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 2014 Footprint realignment plan and the 2020 Workforce reduction plan, a program initiated in the second quarter of 2020.

For the year ended December 31, 2022, we recorded impairment charges of $1.5 million related to our decision to abandon certain assets. For the year ended December 31, 2021, we recorded impairment charges of $6.7 million related to our decision to abandon intellectual property and other assets primarily associated with our respiratory product portfolio that was not transferred to Medline as part of the Respiratory business divestiture. For the year ended December 31, 2020, we recorded impairment charges of $21.4 million related to our decision to abandon intellectual property and other assets associated with our surgical product portfolio.