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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 27, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                    .
Commission file number 1-5353
TELEFLEX INCORPORATED
(Exact name of registrant as specified in its charter)

Delaware 23-1147939
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. employer
identification no.)
550 E. Swedesford Rd., Suite 400 Wayne, PA 19087
(Address of principal executive offices and zip code)
(610) 225-6800
(Registrant’s telephone number, including area code)
(None)
(Former Name, Former Address and Former Fiscal Year,
If Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareTFXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes       No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
    
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  
The registrant had 46,801,138 shares of common stock, par value $1.00 per share, outstanding as of July 27, 2021.



TELEFLEX INCORPORATED
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 27, 2021
TABLE OF CONTENTS
   Page
  
     
Item 1:   
    
    
    
    
    
    
Item 2:   
Item 3:   
Item 4:   
   
   
     
Item 1:   
Item 1A:   
Item 2:   
Item 3:   
Item 4:
Item 5:   
Item 6:   
   
  

1


PART I FINANCIAL INFORMATION
Item 1. Financial Statements
TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months EndedSix Months Ended
 June 27, 2021June 28, 2020June 27, 2021June 28, 2020
 (Dollars and shares in thousands, except per share)
Net revenues$713,473 $567,034 $1,347,398 $1,197,676 
Cost of goods sold315,917 288,662 605,315 585,680 
Gross profit397,556 278,372 742,083 611,996 
Selling, general and administrative expenses224,159 191,193 427,307 338,989 
Research and development expenses33,283 29,364 63,230 56,760 
Restructuring and impairment charges11,494 19,005 19,492 20,351 
Income from continuing operations before interest and taxes128,620 38,810 232,054 195,896 
Interest expense16,171 15,682 32,969 31,121 
Interest income(232)(163)(891)(742)
Loss on extinguishment of debt12,986  12,986  
Income from continuing operations before taxes99,695 23,291 186,990 165,517 
Taxes on income from continuing operations16,412 11,848 28,840 22,922 
Income from continuing operations83,283 11,443 158,150 142,595 
Operating (loss) income from discontinued operations(46)22 (47)18 
Tax (expense) benefit on operating loss from discontinued operations(11)9 (11)7 
(Loss) income from discontinued operations(35)13 (36)11 
Net income$83,248 $11,456 $158,114 $142,606 
Earnings per share:  
Basic:  
Income from continuing operations$1.78 $0.25 $3.39 $3.07 
Loss from discontinued operations  (0.01) 
Net income $1.78 $0.25 $3.38 $3.07 
Diluted:  
Income from continuing operations$1.76 $0.24 $3.34 $3.02 
Loss from discontinued operations  (0.01) 
Net income$1.76 $0.24 $3.33 $3.02 
Weighted average common shares outstanding  
Basic46,741 46,442 46,719 46,412 
Diluted47,433 47,242 47,420 47,237 
The accompanying notes are an integral part of the condensed consolidated financial statements.
2


TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three Months EndedSix Months Ended
 June 27, 2021June 28, 2020June 27, 2021June 28, 2020
(Dollars in thousands)
Net income$83,248 $11,456 $158,114 $142,606 
Other comprehensive income (loss), net of tax:  
Foreign currency translation, net of tax of $1,002, $2,295, $404, and $(5,286) for the three and six months periods, respectively
6,080 17,654 (17,995)(545)
Pension and other postretirement benefit plans adjustment, net of tax of $(390), $(404), $(903), and $(926) for the three and six months periods, respectively
1,298 1,345 2,909 3,034 
Derivatives qualifying as hedges, net of tax of $39, $64, $72, and $436 for the three and six months periods, respectively
397 (1,095)424 (4,912)
Other comprehensive income (loss), net of tax:7,775 17,904 (14,662)(2,423)
Comprehensive income$91,023 $29,360 $143,452 $140,183 
The accompanying notes are an integral part of the condensed consolidated financial statements.
3


TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 June 27, 2021December 31, 2020
 (Dollars in thousands)
ASSETS  
Current assets  
Cash and cash equivalents$361,781 $375,880 
Accounts receivable, net414,195 395,071 
Inventories490,318 513,196 
Prepaid expenses and other current assets116,818 115,436 
Prepaid taxes27,180 22,842 
Current assets held-for-sale26,936  
Total current assets1,437,228 1,422,425 
Property, plant and equipment, net449,754 473,912 
Operating lease assets115,110 100,635 
Goodwill2,537,432 2,585,966 
Intangible assets, net2,381,329 2,519,746 
Deferred tax assets8,442 8,073 
Other assets41,666 41,802 
Noncurrent assets held-for-sale95,426  
Total assets$7,066,387 $7,152,559 
LIABILITIES AND EQUITY  
Current liabilities  
Current borrowings$92,500 $100,500 
Accounts payable106,567 102,520 
Accrued expenses138,280 136,276 
Payroll and benefit-related liabilities121,822 122,366 
Accrued interest5,522 7,135 
Income taxes payable14,836 17,361 
Other current liabilities46,265 53,869 
Liabilities held-for-sale1,056  
Total current liabilities526,848 540,027 
Long-term borrowings2,215,666 2,377,888 
Deferred tax liabilities483,269 484,678 
Pension and postretirement benefit liabilities51,179 74,499 
Noncurrent liability for uncertain tax positions10,078 10,127 
Noncurrent operating lease liabilities101,302 86,097 
Other liabilities211,943 242,786 
Total liabilities3,600,285 3,816,102 
Commitments and contingencies
Total shareholders' equity3,466,102 3,336,457 
Total liabilities and shareholders' equity$7,066,387 $7,152,559 
The accompanying notes are an integral part of the condensed consolidated financial statements.

4


TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended
June 27, 2021June 28, 2020
(Dollars in thousands)
Cash flows from operating activities of continuing operations:  
Net income$158,114 $142,606 
Adjustments to reconcile net income to net cash provided by operating activities:  
Income (loss) from discontinued operations36 (11)
Depreciation expense35,982 34,461 
Intangible asset amortization expense83,867 78,638 
Deferred financing costs and debt discount amortization expense2,388 1,984 
Loss on extinguishment of debt12,986  
Fair value step up of acquired inventory sold3,993 1,707 
Changes in contingent consideration11,428 (29,951)
Impairment of long-lived assets6,739  
Stock-based compensation11,693 8,482 
Deferred income taxes, net1,050 1,055 
Payments for contingent consideration (79,771)
Interest benefit on swaps designated as net investment hedges(9,126)(9,805)
Other(16,679)(18,981)
Changes in assets and liabilities, net of effects of acquisitions and disposals:  
Accounts receivable(23,159)45,843 
Inventories(13,648)(34,875)
Prepaid expenses and other assets(16,551)11,819 
Accounts payable, accrued expenses and other liabilities32,625 (26,449)
Income taxes receivable and payable, net(16,663)7,257 
   Net cash provided by operating activities from continuing operations265,075 134,009 
Cash flows from investing activities of continuing operations:  
Expenditures for property, plant and equipment(36,659)(39,052)
Proceeds from sale of assets404 400 
Payments for businesses and intangibles acquired, net of cash acquired(3,539)(265,895)
Deposits(1,250) 
Net interest proceeds on swaps designated as net investment hedges9,288 9,986 
Net cash used in investing activities from continuing operations(31,756)(294,561)
Cash flows from financing activities of continuing operations:  
Proceeds from new borrowings400,000 1,010,000 
Reduction in borrowings(575,000)(500,000)
Debt extinguishment, issuance and amendment fees(9,774)(7,727)
Net proceeds from share based compensation plans and the related tax impacts6,339 2,668 
Payments for contingent consideration(30,489)(60,947)
Dividends paid(31,793)(31,558)
Net cash (used in) provided by financing activities from continuing operations(240,717)412,436 
Cash flows from discontinued operations:  
Net cash used in operating activities(371)(317)
Net cash used in discontinued operations(371)(317)
Effect of exchange rate changes on cash and cash equivalents(6,330)885 
Net (decrease) increase in cash and cash equivalents(14,099)252,452 
Cash and cash equivalents at the beginning of the period375,880 301,083 
Cash and cash equivalents at the end of the period$361,781 $553,535 
The accompanying notes are an integral part of the condensed consolidated financial statements.
5


TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Common StockAdditional
Paid In
Capital
Retained
Earnings
Accumulated Other Comprehensive LossTreasury StockTotal
SharesDollarsSharesDollars
(Dollars and shares in thousands, except per share)
Balance at December 31, 202047,812 $47,812 $652,305 $3,096,228 $(297,298)1,132 $(162,590)$3,336,457 
Net income74,866 74,866 
Cash dividends ($0.34 per share)
(15,893)(15,893)
Other comprehensive loss(22,437)(22,437)
Shares issued under compensation plans18 18 1,993 (28)99 2,110 
Deferred compensation447 (4)241 688 
Balance at March 28, 202147,830 47,830 654,745 3,155,201 (319,735)1,100 (162,250)3,375,791 
Net income83,248 83,248 
Cash dividends ($0.34 per share)
(15,900)(15,900)
Other comprehensive income7,775 7,775 
Shares issued under compensation plans52 52 15,132 (1)16 15,200 
Deferred compensation  (12)(12)
Balance at June 27, 202147,882 $47,882 $669,877 $3,222,549 $(311,960)1,099 $(162,246)$3,466,102 

Common StockAdditional
Paid In
Capital
Retained
Earnings
Accumulated Other Comprehensive LossTreasury StockTotal
SharesDollarsSharesDollars
(Dollars and shares in thousands, except per share)
Balance at December 31, 2019
47,536 $47,536 $616,980 $2,824,916 $(344,392)1,182 $(165,720)$2,979,320 
Cumulative effect adjustment resulting from the adoption of new accounting standards(791)(791)
Net income
131,150 131,150 
Cash dividends ($0.34 per share)
(15,767)(15,767)
Other comprehensive loss
(20,327)(20,327)
Shares issued under compensation plans
24 24 (3,074)(37)1,748 (1,302)
Deferred compensation
383 (5)358 741 
Balance at March 29, 2020
47,560 47,560 614,289 2,939,508 (364,719)1,140 (163,614)3,073,024 
Net income11,456 11,456 
Cash dividends ($0.34 per share)
(15,791)(15,791)
Other comprehensive income
17,904 17,904 
Shares issued under compensation plans
35 35 10,516 (3)175 10,726 
Deferred compensation
 (1)83 83 
Balance as of June 28, 202047,595 $47,595 $624,805 $2,935,173 $(346,815)1,136 $(163,356)$3,097,402 

The accompanying notes are an integral part of the condensed consolidated financial statements.
6


TELEFLEX INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 (all tabular amounts in thousands unless otherwise noted)


Note 1 — Basis of presentation
The accompanying unaudited condensed consolidated financial statements of Teleflex Incorporated and its subsidiaries (“we,” “us,” “our" and “Teleflex”) are prepared on the same basis as its annual consolidated financial statements.
In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for the fair statement of the financial statements for interim periods in accordance with accounting principles generally accepted in the United States of America ("GAAP") and Rule 10-01 of Securities and Exchange Commission ("SEC") Regulation S-X, which sets forth the instructions for the form and content of presentation of financial statements included in Form 10-Q. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the periods reported are not necessarily indicative of those that may be expected for a full year.
In accordance with applicable accounting standards and as permitted by Rule 10-01 of Regulation S-X, the accompanying condensed consolidated financial statements do not include all of the information and footnote disclosures that are required to be included in our annual consolidated financial statements. Therefore, our quarterly condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020.
Note 2 — Recently issued accounting standards
In December 2019, the FASB issued new guidance that simplifies various aspects of accounting for income taxes including those related to the step-up in the tax basis of goodwill, intraperiod tax allocations and the interim period effects of changes in tax laws or rates. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The modifications under the new guidance were applied on a prospective basis effective January 1, 2021. The adoption of the new guidance did not have a material effect on the condensed consolidated financial statements.
From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and, unless otherwise indicated above, believes the new guidance will not have a material impact on the consolidated results of operations, cash flows or financial position.
Note 3 — Net revenues
We primarily generate revenue from the sale of medical devices including single use disposable devices and, to a lesser extent, reusable devices, instruments and capital equipment. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; this occurs upon the transfer of control of the products. Generally, transfer of control to the customer occurs at the point in time when our products are shipped from the manufacturing or distribution facility. For our Original Equipment and Development Services ("OEM") segment, most revenue is recognized over time because the OEM segment generates revenue from the sale of custom products that have no alternative use and we have an enforceable right to payment to the extent that performance has been completed. We market and sell products through our direct sales force and distributors to customers within the following end markets: (1) hospitals and healthcare providers; (2) other medical device manufacturers; and (3) home care providers, which comprised 89%, 9% and 2% of consolidated net revenues, respectively, for the six months ended June 27, 2021. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. With respect to the custom products sold in the OEM segment, revenue is measured using the units produced output method. Payment is generally due 30 days from the date of invoice.
7


TELEFLEX INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

The following table disaggregates revenue by global product category for the three and six months ended June 27, 2021 and June 28, 2020.
Three Months EndedSix Months Ended
June 27, 2021June 28, 2020June 27, 2021June 28, 2020
Vascular access$167,739 $164,958 $331,712 $315,214 
Anesthesia95,426 64,867 180,283 140,569 
Interventional112,082 82,594 208,255 182,525 
Surgical98,185 67,275 178,571 142,707 
Interventional urology92,243 40,094 165,607 114,286 
OEM60,956 55,832 114,445 119,219 
Other (1)
86,842 91,414 168,525 183,156 
Net revenues (2)
$713,473 $567,034 $1,347,398 $1,197,676 
(1)Includes revenues generated from sales of our respiratory and urology products (other than interventional urology products).
(2)The product categories listed above are presented on a global basis, while each of our reportable segments other than the OEM reportable segment are defined based on the geographic location of its operations; the OEM reportable segment operates globally. Each of the geographically based reportable segments include net revenues from each of the non-OEM product categories listed above.
Note 4 — Acquisitions and divestitures
Acquisitions
On February 18, 2020, we acquired IWG High Performance Conductors, Inc. ("HPC"), a privately-held original equipment manufacturer of minimally invasive medical products and high performance conductors. The acquisition complements our OEM product portfolio.
On December 28, 2020, we acquired Z-Medica, LLC ("Z-Medica"), a privately-held medical device company that manufactures and sells hemostatic (hemorrhage control) products, marketed under the QuikClot, Combat Gauze and QuickClot Control+ brand names, to complement our anesthesia product portfolio. The acquisition included an initial cash purchase price of $500.0 million, with the potential to make an additional payment up to $25 million upon the achievement of certain commercial milestones.
Divestiture
On May 15, 2021, we entered into a definitive agreement to sell certain product lines within our global respiratory product portfolio (the "Divested respiratory business") to Medline Industries, Inc. (“Medline”) for consideration of $286.0 million, reduced by $12 million in working capital not transferring to Medline, and is subject to customary post-close adjustments (the "Respiratory business divestiture").
On June 28, 2021, the first day of the third quarter of 2021, we completed the initial phase of the Respiratory business divestiture, pursuant to which we received cash proceeds of $259 million and we estimate that we will recognize a pre-tax gain on the sale of approximately $100 million. The second phase of the divestiture will occur once we transfer certain additional manufacturing assets to Medline. Our receipt of $15.0 million in additional cash proceeds is contingent upon the transfer of these manufacturing assets and is expected to occur prior to the end of 2023. We plan to recognize the contingent consideration, and any gain on sale resulting from the second phase of the divestiture, when it becomes realizable. In connection with the Respiratory business divestiture, we entered into several ancillary agreements with Medline to help facilitate the transfer of the business, which provide for transition support, quality, supply and manufacturing services.
Net sales attributable to our Divested respiratory business are included within each of our geographic segments and were $29.6 million and $60.7 million during the three and six months ended June 27, 2021, respectively, and $138.5 million during the year ended December 31, 2020. As a result of the Respiratory business divestiture, the following assets and liabilities were designated as assets and liabilities held for sale as of June 27, 2021:

8


TELEFLEX INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

June 27, 2021
Assets
Inventories$26,936 
Current assets held-for-sale26,936 
Property, plant and equipment, net17,006 
Intangible assets, net41,583 
Goodwill35,745 
Operating lease assets1,053 
Other assets39 
Noncurrent assets held-for-sale95,426 
Total assets held-for-sale$122,362 
Liabilities
Other current liabilities$488 
Noncurrent operating lease liabilities568 
Liabilities held-for-sale$1,056 
Note 5 — Restructuring and impairment charges
Respiratory divestiture plan
During the second quarter of 2021, in connection with the Respiratory business divestiture described in Note 4, we committed to a restructuring plan designed to separate the manufacturing operations that will 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 that will be 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
Program 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 expect substantially all of the restructuring and restructuring related charges will result in future cash outlays, the majority of which will be made in 2022 and 2023. Additionally, we expect to incur $22 million to $28 million in aggregate capital expenditures under the plan, which are expected to be incurred mostly in 2022 and 2023. As of June 27, 2021, we had a restructuring reserve of $2.5 million related to this plan, all of which related to termination benefits.
2021 Restructuring plan
During the first quarter of 2021, we committed to a restructuring plan designed to streamline various business functions across our segments. We estimate that we will incur aggregate pre-tax restructuring charges of $7 million to $9 million, consisting primarily of termination benefits. In addition, we expect to incur $3 million to $4 million in
9


TELEFLEX INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

restructuring related charges, most of which are expected to be recognized in cost of goods sold. We expect this plan will be substantially completed by the end of 2021. As of June 27, 2021, we had a restructuring reserve of $5.1 million related to this plan, all of which related to termination benefits.
Footprint realignment plans
We have ongoing restructuring programs related to the relocation of manufacturing operations to existing lower-cost locations and related workforce reductions (referred to as the 2019, 2018 and 2014 Footprint realignment plans). The following tables provide a summary of our cost estimates and other information associated with these ongoing Footprint realignment plans:
2019 Footprint realignment plan2018 Footprint realignment plan2014 Footprint realignment plan
Program expense estimates:(Dollars in millions)
Termination benefits
$14 to $16
$60 to $70
$13 to $13
Other costs (1)
2 to 2
3 to 4
1 to 2
Restructuring charges
16 to 18
63 to 74
14 to 15
Restructuring related charges (2)
38 to 43
40 to 59
38 to 40
Total restructuring and restructuring related charges
$54 to $61
$103 to $133
$52 to $55
Other program estimates:
Expected cash outlays
$48 to $55
$99 to $127
$42 to $46
Expected capital expenditures
$28 to $33
$19 to $23
$26 to $27
Other program information:
Period initiatedFebruary 2019May 2018April 2014
Estimated period of substantial completion202220222022
Aggregate restructuring charges$15.5$61.9$13.7
Restructuring reserve:
Balance as of June 27, 2021$5.4$47.2$3.1
Restructuring related charges incurred:
Three Months Ended June 27, 2021$3.9$2.3$1.0
Six Months Ended June 27, 2021$7.4$4.3$1.7
Aggregate restructuring related charges$28.6$21.0$37.7
(1)Includes facility closure, employee relocation, equipment relocation and outplacement costs.
(2)Restructuring related charges represent costs that are directly related to the programs 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.
10


TELEFLEX INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

Restructuring and impairment charges recognized for the three and six months ended June 27, 2021 and June 28, 2020 consisted of the following:
Three Months Ended June 27, 2021
Termination benefits
Other costs (1)
Total
Respiratory divestiture plan$2,540 $1 $2,541 
2021 Restructuring plan129 23 152 
2019 Footprint realignment plan(301)91 (210)
2018 Footprint realignment plan1,459 92 1,551 
Other restructuring programs (2)
(4)725 721 
Restructuring charges3,823 932 4,755 
Asset impairment charges 6,739 6,739 
Restructuring and impairment charges$3,823 $7,671 $11,494 
Three Months Ended June 28, 2020
Termination benefits
Other costs (1)
Total
2020 Workforce reduction plan$10,564 $ $10,564 
2019 Footprint realignment plan323 82 405 
2018 Footprint realignment plan7,545 52 7,597 
Other restructuring programs (2)
169 270 439 
Restructuring charges$18,601 $404 $19,005 
Six Months Ended June 27, 2021
Termination benefits
Other costs (1)
Total
Respiratory divestiture plan$2,540 $1 $2,541 
2021 Restructuring plan6,889 23 6,912 
2019 Footprint realignment plan40 196 236 
2018 Footprint realignment plan1,726 137 1,863 
Other restructuring programs (2)
(170)1,371 1,201 
Restructuring charges11,025 1,728 12,753 
Asset impairment charges 6,739 6,739 
Restructuring and impairment charges$11,025 $8,467 $19,492 
Six Months Ended June 28, 2020
Termination benefits
Other costs (1)
Total
2020 Workforce reduction plan$10,564 $ $10,564 
2019 Footprint realignment plan1,152 91 1,243 
2018 Footprint realignment plan7,859 133 7,992 
Other restructuring programs (2)
62 490 552 
Restructuring charges$19,637 $714 $20,351 
(1) Other costs include facility closure, contract termination and other exit costs.
(2) Includes the program initiated during third quarter of 2019 as well as the 2016 and 2014 Footprint realignment plans.
Impairment Charges
For the three and six months ended June 27, 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 described in Note 4.
11


TELEFLEX INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

Note 6 — Inventories
Inventories as of June 27, 2021 and December 31, 2020 consisted of the following:
 June 27, 2021December 31, 2020
Raw materials$133,722 $132,370 
Work-in-process78,088 75,874 
Finished goods278,508 304,952 
Inventories$490,318 $513,196 

Note 7 — Goodwill and other intangible assets
The following table provides information relating to changes in the carrying amount of goodwill by reportable operating segment for the six months ended June 27, 2021:
 Americas