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Restructuring charges, separation costs and impairment charges | 9 Months Ended
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Sep. 28, 2025
Restructuring and Related Activities [Abstract] |
Restructuring charges, separation costs and impairment charges | Restructuring charges, separation costs and impairment charges 2023 Footprint realignment plan In 2023, we initiated the "2023 Footprint realignment plan," 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. These actions are expected to be substantially completed by the end of 2027. The following table provides a summary of the cost estimates by major type of expense associated with the 2023 Footprint realignment plan:
|  |  |  | 2023 Footprint Realignment plan |  |
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 |  |
(1)Substantially all of the charges consist of employee termination benefit costs. (2)Restructuring related charges represent costs that are directly related to the program 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. Additionally, we expect to incur $2 million to $3 million in aggregate capital expenditures under the plan. For the three and nine months ended September 28, 2025, respectively, we incurred $0.6 million and $2.1 million under the 2023 Footprint realignment plan in restructuring related charges, all of which were recognized in cost of goods sold. As of September 28, 2025, we have incurred aggregate restructuring charges in connection with the 2023 Footprint realignment plan of $3.2 million. In addition, as of September 28, 2025, we have incurred aggregate restructuring related charges of $4.8 million with respect to the 2023 Footprint realignment plan, consisting of certain costs that principally resulted from the transfer of manufacturing operations to new locations. As of September 28, 2025, we had a restructuring reserve of $2.7 million related to this plan, all of which related to termination benefits. 2024 Restructuring plan During the fourth quarter of 2024, we initiated the "2024 restructuring plan," which included initiatives to optimize operations, reduce costs and enhance efficiencies across our business lines, including the relocation of select office administrative operations. The plan is substantially complete and as a result, we expect future restructuring expenses associated with the plan to be immaterial. 2024 Footprint realignment plan During the second quarter of 2024, we initiated the "2024 Footprint realignment plan," encompassing several strategic restructuring initiatives. These initiatives primarily include the relocation of select manufacturing operations to existing lower-cost locations, the optimization of specific product portfolios through targeted rationalization efforts, the relocation of certain integral product development and manufacturing support functions, the optimization of certain supply chain activities and related workforce reductions. The plan is substantially complete and as a result, we expect future restructuring expenses associated with the plan to be immaterial. Restructuring charges, separation costs and impairment charges recognized for the three and nine months ended September 28, 2025 and September 29, 2024 consisted of the following:
Three Months Ended September 28, 2025 |  |  |  |  |
| Termination Benefits |  | Other Costs (1) |  | Total
2024 Restructuring plan | $ | — |  |  | $ | 6 |  |  | $ | 6 |
2024 Footprint realignment plan | 1,451 |  |  | 124 |  |  | 1,575 |
2023 Footprint realignment plan | — |  |  | 13 |  |  | 13 |
Other restructuring programs (2) | — |  |  | 2 |  |  | 2 |
Restructuring charges | 1,451 |  |  | 145 |  |  | 1,596 |
Asset impairment charges | — |  |  | 100,000 |  |  | 100,000 |
Separation costs | — |  |  | 16,027 |  |  | 16,027 |
Restructuring charges, separation costs and other impairment charges | $ | 1,451 |  |  | $ | 116,172 |  |  | $ | 117,623 |
Three Months Ended September 29, 2024 |  |  |  |  |
| Termination Benefits |  | Other Costs (1) |  | Total
2024 Footprint realignment plan | $ | 1,066 |  |  | $ | 27 |  |  | $ | 1,093 |
2023 Restructuring plan | (95) |  |  | — |  |  | (95) |
2023 Footprint realignment plan | 301 |  |  | — |  |  | 301 |
Other restructuring programs (3) | (1,018) |  |  | 4 |  |  | (1,014) |
Restructuring charges | $ | 254 |  |  | $ | 31 |  |  | $ | 285 |
Nine Months Ended September 28, 2025 |  |  |  |  |
| Termination Benefits |  | Other Costs (1) |  | Total
2024 Restructuring plan | $ | 161 |  |  | $ | 66 |  |  | $ | 227 |
2024 Footprint realignment plan | 3,617 |  |  | 216 |  |  | 3,833 |
2023 Footprint realignment plan | 330 |  |  | 15 |  |  | 345 |
Other restructuring programs (2) | (143) |  |  | 27 |  |  | (116) |
Restructuring charges | 3,965 |  |  | 324 |  |  | 4,289 |
Asset impairment charges | — |  |  | 108,117 |  |  | 108,117 |
Separation costs | — |  |  | 32,144 |  |  | 32,144 |
Restructuring charges, separation costs and other impairment charges | $ | 3,965 |  |  | $ | 140,585 |  |  | $ | 144,550 |
Nine Months Ended September 29, 2024 |  |  |  |  |
| Termination Benefits |  | Other Costs (1) |  | Total
2024 Footprint realignment plan | $ | 9,638 |  |  | $ | 27 |  |  | $ | 9,665 |
2023 Restructuring plan | (914) |  |  | 82 |  |  | (832) |
2023 Footprint realignment plan | 1,044 |  |  | 3 |  |  | 1,047 |
Other restructuring programs (3) | (1,225) |  |  | 34 |  |  | (1,191) |
Restructuring charges | 8,543 |  |  | 146 |  |  | 8,689 |
Asset impairment charges | — |  |  | 2,110 |  |  | 2,110 |
Restructuring and other impairment charges | $ | 8,543 |  |  | $ | 2,256 |  |  | $ | 10,799 |
(1) Other costs include facility closure, contract termination and other exit costs. (2) Includes activity primarily related to our 2023 Restructuring plan and our Respiratory divestiture plan. (3) Includes activity primarily related to our 2022 Restructuring plan, which has concluded. Other Impairment charges For the three and nine months ended September 28, 2025, we recognized an asset impairment charge of $100.0 million related to our Titan SGS asset group, as described in more detail in Note 7. For the nine months ended September 28, 2025 and September 29, 2024, we also recognized impairment charges of $8.1 million and $2.1 million, respectively, primarily related to our cessation of occupancy at certain leased facilities during those periods. Recently Announced Strategic Actions and Separation Costs On February 27, 2025, we announced our strategic decision to separate into two independent companies. One company will comprise our Vascular Access product category, most of our products within our Interventional Access and Surgical product categories and the VI Business and will remain with Teleflex. The second company will comprise our Acute Care (consisting of our Urology and Respiratory product categories, the majority of our Anesthesia product category and certain products within our Interventional Access and Surgical product categories), our Interventional Urology and OEM businesses (referred to collectively as "NewCo"). Since announcing the intended separation, we have received a number of inbound expressions of interest in acquiring NewCo and, with oversight of the Board, we continue to actively advance the process for a potential sale of NewCo, which has become our primary focus. The completion of any separation transaction will be contingent upon various conditions and approvals, including approval of our Board of Directors, receipt of requisite regulatory clearances and, if applicable, compliance with applicable SEC requirements. There can be no guarantees that the proposed separation will be completed on the terms and within the timeframe we announced, or at all. During the three and nine months ended September 28, 2025, we recognized separation costs of $16.0 million and $32.1 million, respectively, primarily consisting of consulting, legal, tax and other professional advisory services associated with the strategic actions.

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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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