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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 September 26, 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 filer☒Accelerated filer☐
    
Non-accelerated filer☐Smaller 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 46,844,950 shares of common stock, par value $1.00 per share, outstanding as of October 26, 2021.


TELEFLEX INCORPORATED
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 26, 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 EndedNine Months Ended
 September 26, 2021September 27, 2020September 26, 2021September 27, 2020
 (Dollars and shares in thousands, except per share)
Net revenues$700,251 $628,301 $2,047,649 $1,825,977 
Cost of goods sold312,464 298,977 917,779 884,657 
Gross profit387,787 329,324 1,129,870 941,320 
Selling, general and administrative expenses205,194 171,673 632,501 510,662 
Research and development expenses31,816 29,218 95,046 85,978 
Restructuring and impairment charges (credits)959 (3,659)20,451 16,692 
Gain on sale of business(91,157)— (91,157)— 
Income from continuing operations before interest and taxes240,975 132,092 473,029 327,988 
Interest expense11,989 16,652 44,958 47,773 
Interest income(215)(214)(1,106)(956)
Loss on extinguishment of debt— — 12,986 — 
Income from continuing operations before taxes229,201 115,654 416,191 281,171 
Taxes (benefits) on income from continuing operations29,695 (951)58,535 21,971 
Income from continuing operations199,506 116,605 357,656 259,200 
Operating loss from discontinued operations(423)(29)(470)(11)
Tax benefit on operating loss from discontinued operations(98)(11)(109)(4)
Loss from discontinued operations(325)(18)(361)(7)
Net income$199,181 $116,587 $357,295 $259,193 
Earnings per share:  
Basic:  
Income from continuing operations$4.26 $2.51 $7.66 $5.58 
Loss from discontinued operations— — (0.02)— 
Net income $4.26 $2.51 $7.64 $5.58 
Diluted:  
Income from continuing operations$4.20 $2.46 $7.54 $5.48 
Loss from discontinued operations— — (0.01)— 
Net income$4.20 $2.46 $7.53 $5.48 
Weighted average common shares outstanding  
Basic46,810 46,530 46,749 46,451 
Diluted47,452 47,333 47,431 47,269 
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 EndedNine Months Ended
 September 26, 2021September 27, 2020September 26, 2021September 27, 2020
(Dollars in thousands)
Net income$199,181 $116,587 $357,295 $259,193 
Other comprehensive income (loss), net of tax:  
Foreign currency translation, net of tax of $(1,464), $6,957, $(1,060), and $1,671 for the three and nine months periods, respectively
(15,312)20,632 (33,307)20,087 
Pension and other postretirement benefit plans adjustment, net of tax of $(522), $(303), $(1,425), and $(1,229) for the three and nine months periods, respectively
1,668 1,037 4,577 4,071 
Derivatives qualifying as hedges, net of tax of $(117), $(184), $(45), and $252 for the three and nine months periods, respectively
662 1,454 1,086 (3,458)
Other comprehensive (loss) income, net of tax:(12,982)23,123 (27,644)20,700 
Comprehensive income$186,199 $139,710 $329,651 $279,893 
The accompanying notes are an integral part of the condensed consolidated financial statements.
3

TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 September 26, 2021December 31, 2020
 (Dollars in thousands)
ASSETS  
Current assets  
Cash and cash equivalents$481,167 $375,880 
Accounts receivable, net399,744 395,071 
Inventories484,345 513,196 
Prepaid expenses and other current assets123,776 115,436 
Prepaid taxes52,805 22,842 
Total current assets1,541,837 1,422,425 
Property, plant and equipment, net446,318 473,912 
Operating lease assets129,998 100,635 
Goodwill2,522,950 2,585,966 
Intangible assets, net2,337,249 2,519,746 
Deferred tax assets8,425 8,073 
Other assets53,185 41,802 
Total assets$7,039,962 $7,152,559 
LIABILITIES AND EQUITY  
Current liabilities  
Current borrowings$101,250 $100,500 
Accounts payable104,139 102,520 
Accrued expenses127,116 136,276 
Payroll and benefit-related liabilities133,523 122,366 
Accrued interest15,757 7,135 
Income taxes payable17,185 17,361 
Other current liabilities63,240 53,869 
Total current liabilities562,210 540,027 
Long-term borrowings1,948,666 2,377,888 
Deferred tax liabilities479,105 484,678 
Pension and postretirement benefit liabilities49,843 74,499 
Noncurrent liability for uncertain tax positions10,078 10,127 
Noncurrent operating lease liabilities114,777 86,097 
Other liabilities217,411 242,786 
Total liabilities3,382,090 3,816,102 
Commitments and contingencies
Total shareholders' equity3,657,872 3,336,457 
Total liabilities and shareholders' equity$7,039,962 $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)
 Nine Months Ended
September 26, 2021September 27, 2020
(Dollars in thousands)
Cash flows from operating activities of continuing operations:  
Net income$357,295 $259,193 
Adjustments to reconcile net income to net cash provided by operating activities:  
Loss from discontinued operations361 7 
Depreciation expense53,846 51,329 
Intangible asset amortization expense124,832 118,649 
Deferred financing costs and debt discount amortization expense3,438 3,191 
Loss on extinguishment of debt12,986 — 
Fair value step up of acquired inventory sold3,993 1,707 
Changes in contingent consideration12,728 (54,585)
Impairment of long-lived assets6,739 — 
Stock-based compensation17,065 14,759 
Gain on sale of business(91,157)— 
Deferred income taxes, net(67)2,600 
Payments for contingent consideration(170)(79,771)
Interest benefit on swaps designated as net investment hedges(13,882)(14,488)
Other(26,113)(15,703)
Changes in assets and liabilities, net of effects of acquisitions and disposals:  
Accounts receivable(13,829)35,546 
Inventories(10,951)(38,096)
Prepaid expenses and other assets(31,223)9,393 
Accounts payable, accrued expenses and other liabilities84,179 (4,243)
Income taxes receivable and payable, net(39,610)(48,000)
   Net cash provided by operating activities from continuing operations450,460 241,488 
Cash flows from investing activities of continuing operations:  
Expenditures for property, plant and equipment(52,090)(62,369)
Proceeds from sale of business and assets225,900 400 
Payments for businesses and intangibles acquired, net of cash acquired(4,254)(266,843)
Net interest proceeds on swaps designated as net investment hedges9,288 9,986 
Proceeds from sales of investments7,300 — 
Purchase of investments(18,418)— 
Net cash provided by (used in) investing activities from continuing operations167,726 (318,826)
Cash flows from financing activities of continuing operations:  
Proceeds from new borrowings400,000 1,013,807 
Reduction in borrowings(834,000)(788,807)
Debt extinguishment, issuance and amendment fees(9,774)(8,440)
Net proceeds from share based compensation plans and the related tax impacts11,366 11,177 
Payments for contingent consideration(31,388)(64,135)
Dividends paid(47,716)(47,384)
Proceeds from sale of treasury stock11,097 — 
Net cash (used in) provided by financing activities from continuing operations(500,415)116,218 
Cash flows from discontinued operations:  
Net cash used in operating activities(519)(540)
Net cash used in discontinued operations(519)(540)
Effect of exchange rate changes on cash and cash equivalents(11,965)8,057 
Net increase in cash and cash equivalents105,287 46,397 
Cash and cash equivalents at the beginning of the period375,880 301,083 
Cash and cash equivalents at the end of the period$481,167 $347,480 
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 
Net income199,181 199,181 
Cash dividends ($0.34 per share)
(15,923)(15,923)
Other comprehensive loss(12,982)(12,982)
Shares issued under compensation plans33 33 10,374 — (10)10,397 
Treasury stock reissued6,349 (28)4,748 11,097 
Balance at September 26, 202147,915 $47,915 $686,600 $3,405,807 $(324,942)1,071 $(157,508)$3,657,872 

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 
Net income116,587 116,587 
Cash dividends ($0.34 per share)
(15,826)(15,826)
Other comprehensive income23,123 23,123 
Shares issued under compensation plans102 102 14,671 (1)13 14,786 
Deferred compensation(228)— 359 131 
Balance at September 27, 202047,697 $47,697 $639,248 $3,035,934 $(323,692)1,135 $(162,984)$3,236,203 

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 constituted 89%, 9% and 2% of consolidated net revenues, respectively, for the nine months ended September 26, 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 nine months ended September 26, 2021 and September 27, 2020.
Three Months EndedNine Months Ended
September 26, 2021September 27, 2020September 26, 2021September 27, 2020
Vascular access$175,476 $160,052 $507,188 $475,252 
Anesthesia97,074 75,647 277,357 216,204 
Interventional104,304 93,187 312,559 275,704 
Surgical92,831 82,223 271,402 224,928 
Interventional urology83,107 81,773 248,714 196,114 
OEM64,083 49,399 178,528 168,618 
Other (1)
83,376 86,020 251,901 269,157 
Net revenues (2)
$700,251 $628,301 $2,047,649 $1,825,977 
(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, which is subject to customary post close adjustments (the "Respiratory business divestiture"). In connection with the Respiratory business divestiture, we also 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, including a manufacturing and supply transition agreement (the "MSTA").
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. We attributed $33.8 million of the proceeds to our performance obligations pursuant to the MSTA. The resulting liability was measured as the excess of the estimated fair value of the services to be performed over the estimated proceeds we expect to receive over the MSTA term. It was recorded within Other current liabilities and Other liabilities in the condensed consolidated balance sheet and the related proceeds will be recognized in net revenues as the services are performed.
The second phase of the Respiratory business 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.
8

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

The following assets and liabilities were sold as part of the initial phase of the Respiratory business divestiture:
Assets
Inventories$26,830 
Current assets26,830 
Property, plant and equipment, net17,006 
Intangible assets, net41,583 
Goodwill35,745 
Operating lease assets1,053 
Other assets94 
Noncurrent assets95,481 
Total assets$122,311 
Liabilities
Other current liabilities$535 
Noncurrent operating lease liabilities568 
Liabilities$1,103 
Net revenues attributable to our Divested respiratory business recognized prior to the Respiratory business divestiture are included within each of our geographic segments and were $60.7 million during the nine months ended September 26, 2021, and $29.8 million and $102.5 million for the three and nine months ended September 27, 2020, respectively. For the three and nine months ended September 27, 2021, we recognized $27.9 million in net revenues attributed to services provided to Medline in accordance with the MSTA, which are presented within our Americas reporting segment.
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 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
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.
9

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

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 September 26, 2021, we had a restructuring reserve of $2.6 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 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 September 26, 2021, we had a restructuring reserve of $4.1 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
$16 to $17
$26 to $27
Other program information:
Period initiatedFebruary 2019May 2018April 2014
Estimated period of substantial completion202220222022
Aggregate restructuring charges$15.6$62.1$13.8
Restructuring reserve:
Balance as of September 26, 2021$4.0$45.7$3.0
Restructuring related charges incurred:
Three Months Ended September 26, 2021$3.2$2.2$0.4
Nine Months Ended September 26, 2021$10.7$6.5$2.1
Aggregate restructuring related charges$31.8$23.2$38.1
(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 nine months ended September 26, 2021 and September 27, 2020 consisted of the following:
Three Months Ended September 26, 2021
Termination benefits
Other costs (1)
Total
Respiratory divestiture plan$126 $(1)$125 
2021 Restructuring plan226 42 268 
2019 Footprint realignment plan9 86 95 
2018 Footprint realignment plan191 10 201 
Other restructuring programs (2)
60 210 270 
Restructuring charges$612 $347 $959 
Three Months Ended September 27, 2020
Termination benefits
Other costs (1)
Total
2020 Workforce reduction plan$(471)$255 $(216)
2019 Footprint realignment plan(785)368 (417)
2018 Footprint realignment plan(3,006)83 (2,923)
Other restructuring programs(151)48 (103)
Restructuring charges$(4,413)$754 $(3,659)
Nine Months Ended September 26, 2021
Termination benefits