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 plan |  | 2019 Footprint realignment plan |  | 2018 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 initiated | May 2021 |  | February 2019 |  | May 2018 |  |
Estimated period of substantial completion | 2023 |  | 2022 |  | 2022 |  |
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 plan | 203 |  |  | 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 plan | 226 |  |  | 42 |  |  | 268 |
2019 Footprint realignment plan | 9 |  |  | 86 |  |  | 95 |
2018 Footprint realignment plan | 191 |  |  | 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 plan | 514 |  |  | 547 |  |  | 1,061 |
Other restructuring plans (2) | 750 |  |  | 276 |  |  | 1,026 |
Restructuring charges | 502 |  |  | 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 plan | 7,115 |  |  | 65 |  |  | 7,180 |
2019 Footprint realignment plan | 49 |  |  | 282 |  |  | 331 |
2018 Footprint realignment plan | 1,917 |  |  | 147 |  |  | 2,064 |
Other restructuring plans (3) | (110) |  |  | 1,581 |  |  | 1,471 |
Restructuring charges | 11,637 |  |  | 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.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
Name: | us-gaap_RestructuringImpairmentAndOtherActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration