During the fourth quarter of 2023, we initiated a new restructuring plan, which primarily involves the integration of Palette into Teleflex and workforce reductions designed to improve operating performance across the organization by creating efficiencies that align with evolving market demands and our strategy to enhance long-term value creation (the “2023 restructuring plan”). These actions are expected to be substantially completed by the end of 2024.

The following table provides a summary of the cost estimates by major type of expense associated with the 2023 restructuring plan:


			Total estimated amount expected to be incurred
Plan expense estimates:			(Dollars in millions)


Restructuring charges (1)			$12 million to $15 million
Restructuring related charges (2)			$3 million to $4 million
Total restructuring and restructuring related charges			$15 million to $19 million

(2) Restructuring related charges represent costs that are directly related to the program and consist primarily of retention bonuses offered to certain employees expected to remain with our company after completion of the program, which will result in cash outlays and most of which are expected to be made in 2025. Substantially all of the restructuring related charges are expected to be recognized within selling, general and administrative expenses.

For the year ended December 31, 2023, we incurred $0.7 million in restructuring related charges in connection with the 2023 restructuring plan, which were recognized in selling, general and administrative expenses.

In September 2023, we initiated a restructuring plan primarily involving the relocation of certain manufacturing operations to existing lower-cost locations, the outsourcing of certain manufacturing processes and related workforce reductions (the "2023 Footprint realignment plan"). These actions are expected to be substantially completed by the end of 2027. The following table provides a summary of our estimates of restructuring and restructuring related charges by major type of expense associated with the 2023 Footprint realignment plan:


			Total estimated amount expected to be incurred
Plan expense estimates:			(Dollars in millions)
Restructuring charges (1)			$4 million to $6 million
Restructuring related charges (2)			$7 million to $9 million
Total restructuring and restructuring related charges			$11 million to $15 million

(2)Restructuring related charges represent costs that are directly related to the 2023 Footprint realignment plan and principally constitute costs to transfer manufacturing operations to existing lower-cost locations and project management costs. Substantially all of these charges are expected to be recognized within cost of goods sold.

We expect substantially all of the restructuring and restructuring related charges will result in future cash outlays, the majority of which will be made between 2024 and 2025. Additionally, we expect to incur $2 million to $3 million in aggregate capital expenditures under the plan, which are expected to be incurred mostly in 2024.

For the years ended December 31, 2023, we incurred $0.1 million, in pre-tax restructuring related charges, all of which were recognized in cost of goods sold.

In November 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 is substantially complete and as a result, we expect future restructuring expenses associated with the plan, if any, to be immaterial.

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. 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 2023 Restructuring plan and 2023 Footprint realignment plan:


	2023 Restructuring plan		2023 Footprint realignment plan





Accruals	$	12,535	$	1,451
Cash payments	(114)		(108)
Foreign currency translation and other	20		—
Balance at December 31, 2023 (1)	$	12,441	$	1,343

(1)The restructuring reserves as of December 31, 2023 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.

The restructuring and impairment charges recognized for the years ended December 31, 2023, 2022, and 2021 consisted of the following:


	2023
	Termination benefits		Other Costs (1)		Total

2023 Restructuring plan	$	12,535	$	—	$	12,535
2023 Footprint realignment plan	1,451		—		1,451
2022 Restructuring plan	2,759		369		3,128
Respiratory divestiture plan	(946)		17		(929)


Other restructuring programs (2)	(1,015)		434		(581)


Total restructuring and impairment charges	$	14,784	$	820	$	15,604


	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

(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 "2022 Manufacturing relocation plan") and our 2014, 2018, and 2019 Footprint realignment plans.

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.