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Restructuring and impairment charges | 6 Months Ended
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Jul. 02, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and impairment charges | Restructuring and impairment charges Respiratory divestiture plan During 2021, 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
(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. We recorded restructuring related charges with respect to the Respiratory divestiture plan of $2.0 million and $4.1 million for the three and six months ended July 2, 2023, respectively, and $2.4 million and $4.4 million for the three and six months ended June 26, 2022, respectively. The restructuring related charges were included within cost of goods sold. As of July 2, 2023, we have incurred net aggregate restructuring expenses related to the Respiratory divestiture plan of $3.5 million. Additionally, as of July 2, 2023, we have incurred net aggregate restructuring related charges in connection with the Respiratory divestiture plan of $16.3 million, which were primarily included in cost of goods sold. As of July 2, 2023, we have a restructuring reserve of $3.5 million in connection with this plan. 2022 Restructuring plan 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. Restructuring and impairment charges recognized for the three and six months ended July 2, 2023 and June 26, 2022 consisted of the following:
Three Months Ended July 2, 2023 |  |  |  |  |
| Termination Benefits |  | Other Costs (1) |  | Total
2022 Restructuring plan | $ | 984 |  |  | $ | 138 |  |  | $ | 1,122 |
Respiratory divestiture plan | 127 |  |  | — |  |  | 127 |
Other restructuring programs (2) | 73 |  |  | 186 |  |  | 259 |
Restructuring charges | $ | 1,184 |  |  | $ | 324 |  |  | $ | 1,508 |
Three Months Ended June 26, 2022 |  |  |  |  |
| Termination Benefits |  | Other Costs (1) |  | Total
Respiratory divestiture plan | $ | 129 |  |  | $ | 31 |  |  | $ | 160 |
2019 Footprint realignment plan | (400) |  |  | 21 |  |  | (379) |
2018 Footprint realignment plan | 153 |  |  | 233 |  |  | 386 |
Other restructuring programs (3) | (406) |  |  | 156 |  |  | (250) |
Restructuring charges | $ | (524) |  |  | $ | 441 |  |  | $ | (83) |
Six Months Ended July 2, 2023 |  |  |  |  |
| Termination Benefits |  | Other Costs (1) |  | Total
2022 Restructuring plan | $ | 3,117 |  |  | $ | 211 |  |  | $ | 3,328 |
Respiratory divestiture plan | 255 |  |  | 12 |  |  | 267 |
Other restructuring programs (2) | (241) |  |  | 375 |  |  | 134 |
Restructuring charges | $ | 3,131 |  |  | $ | 598 |  |  | $ | 3,729 |
Six Months Ended June 26, 2022 |  |  |  |  |
| Termination Benefits |  | Other Costs (1) |  | Total
Respiratory divestiture plan | $ | 235 |  |  | $ | 45 |  |  | $ | 280 |
2019 Footprint realignment plan | (1,070) |  |  | 45 |  |  | (1,025) |
2018 Footprint realignment plan | 311 |  |  | 295 |  |  | 606 |
Other restructuring programs (3) | 726 |  |  | 238 |  |  | 964 |
Restructuring charges | 202 |  |  | 623 |  |  | 825 |
Asset impairment charges | — |  |  | 1,497 |  |  | 1,497 |
Restructuring and impairment charges | $ | 202 |  |  | $ | 2,120 |  |  | $ | 2,322 |
(1) Other costs include facility closure, contract termination and other exit costs. (2) Includes activity primarily related to our 2014, 2018, and 2019 Footprint realignment plans. (3) 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.

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- 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
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