XML 53 R33.htm IDEA: XBRL DOCUMENT
v3.22.4

Restructuring and impairment charges (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Restructuring and Related Activities [Abstract] |
Summary of Current Cost Estimates by Major Type of Cost | The following table provides a summary of the cost estimates by major type of expense associated with the 2022 restructuring plan:
| 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
(1)Includes facility closure and outplacement costs. (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. 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
(1) Substantially all of the charges consist of employee termination benefit costs. (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.
Schedule of Restructuring Reserve | 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.
Restructuring and Other Impairment Charges | The restructuring and impairment charges recognized for the years ended December 31, 2022, 2021, and 2020 consisted of the following:
| 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 |
(1)Includes 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 2014 Footprint realignment plan and the 2020 Workforce reduction plan, a program initiated in the second quarter of 2020. (3)Includes the 2020 Workforce reduction plan and the 2014 Footprint realignment plan. (4)Includes activity primarily related to the 2016 and 2014 Footprint realignment plans.

X
- Definition Summary of current cost estimates by major type of cost. + References No definition available. + Details
Name: | tfx_SummaryOfCurrentCostEstimatesByMajorTypeOfCostTableTableTextBlock
Namespace Prefix: | tfx_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 Tabular 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140864-122747 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 + Details
Name: | us-gaap_ScheduleOfRestructuringAndRelatedCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(2)) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 + Details
Name: | us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration