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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 25, 2022
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 46,906,435 shares of common stock, par value $1.00 per share, outstanding as of October 25, 2022.


TELEFLEX INCORPORATED
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 25, 2022
TABLE OF CONTENTS
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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 25, 2022September 26, 2021September 25, 2022September 26, 2021
 (Dollars and shares in thousands, except per share)
Net revenues$686,788 $700,251 $2,033,045 $2,047,649 
Cost of goods sold312,833 312,464 924,024 917,779 
Gross profit373,955 387,787 1,109,021 1,129,870 
Selling, general and administrative expenses209,616 205,194 630,373 632,501 
Research and development expenses37,770 31,816 111,064 95,046 
Restructuring and impairment charges628 959 2,950 20,451 
Gains on sale of asset and business(6,504)(91,157)(6,504)(91,157)
Income from continuing operations before interest and taxes132,445 240,975 371,138 473,029 
Interest expense13,375 11,989 35,212 44,958 
Interest income(126)(215)(577)(1,106)
Loss on extinguishment of debt— — — 12,986 
Income from continuing operations before taxes119,196 229,201 336,503 416,191 
Taxes on income from continuing operations17,315 29,695 51,700 58,535 
Income from continuing operations101,881 199,506 284,803 357,656 
Operating income (loss) from discontinued operations19 (423)(329)(470)
Tax expense (benefit) on operating loss from discontinued operations5 (98)(76)(109)
Income (loss) from discontinued operations14 (325)(253)(361)
Net income$101,895 $199,181 $284,550 $357,295 
Earnings per share:
Basic:
Income from continuing operations$2.17 $4.26 $6.07 $7.66 
Loss from discontinued operations— — — (0.02)
Net income $2.17 $4.26 $6.07 $7.64 
Diluted:
Income from continuing operations$2.16 $4.20 $6.02 $7.54 
Loss from discontinued operations— — (0.01)(0.01)
Net income$2.16 $4.20 $6.01 $7.53 
Weighted average common shares outstanding
Basic46,906 46,810 46,894 46,749 
Diluted47,263 47,452 47,337 47,431 
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 25, 2022September 26, 2021September 25, 2022September 26, 2021
(Dollars in thousands)
Net income$101,895 $199,181 $284,550 $357,295 
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of tax of $(12,477), $(1,464), $(20,300), and $(1,060) for the three and nine months periods, respectively
(55,194)(15,312)(123,576)(33,307)
Pension and other postretirement benefit plans adjustment, net of tax of $(716), $(522), $(1,862), and $(1,425) for the three and nine months periods, respectively
2,195 1,668 5,807 4,577 
Derivatives qualifying as hedges, net of tax of $(196), $(117), $(330), and $(45) for the three and nine months periods, respectively
2,502 662 5,536 1,086 
Other comprehensive loss, net of tax:(50,497)(12,982)(112,233)(27,644)
Comprehensive income$51,398 $186,199 $172,317 $329,651 
The accompanying notes are an integral part of the condensed consolidated financial statements.
3

TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 September 25, 2022December 31, 2021
 (Dollars in thousands)
ASSETS  
Current assets  
Cash and cash equivalents$397,259 $445,084 
Accounts receivable, net391,251 383,569 
Inventories530,088 477,643 
Prepaid expenses and other current assets113,916 117,277 
Prepaid taxes26,868 5,545 
Total current assets1,459,382 1,429,118 
Property, plant and equipment, net422,355 443,758 
Operating lease assets112,047 129,653 
Goodwill2,415,297 2,504,202 
Intangible assets, net2,176,259 2,289,067 
Deferred tax assets5,762 6,820 
Other assets166,985 69,104 
Total assets$6,758,087 $6,871,722 
LIABILITIES AND EQUITY  
Current liabilities  
Current borrowings$114,375 $110,000 
Accounts payable121,508 118,236 
Accrued expenses140,862 163,441 
Payroll and benefit-related liabilities121,596 143,657 
Accrued interest15,875 5,209 
Income taxes payable41,320 83,943 
Other current liabilities55,407 55,633 
Total current liabilities610,943 680,119 
Long-term borrowings1,593,504 1,740,102 
Deferred tax liabilities387,333 370,124 
Pension and postretirement benefit liabilities40,345 45,185 
Noncurrent liability for uncertain tax positions9,007 8,646 
Noncurrent operating lease liabilities99,606 116,033 
Other liabilities122,188 156,765 
Total liabilities2,862,926 3,116,974 
Commitments and contingencies
Total shareholders' equity3,895,161 3,754,748 
Total liabilities and shareholders' equity$6,758,087 $6,871,722 
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 25, 2022September 26, 2021
(Dollars in thousands)
Cash flows from operating activities of continuing operations:  
Net income$284,550 $357,295 
Adjustments to reconcile net income to net cash provided by operating activities:  
Loss from discontinued operations253 361 
Depreciation expense49,076 53,846 
Intangible asset amortization expense121,904 124,832 
Deferred financing costs and debt discount amortization expense3,150 3,438 
Loss on extinguishment of debt— 12,986 
Fair value step up of acquired inventory sold— 3,993 
Changes in contingent consideration237 12,728 
Assets impairment charges1,497 6,739 
Stock-based compensation19,804 17,065 
Gain on sale of business(6,504)(91,157)
Deferred income taxes, net63 (67)
Payments for contingent consideration(2,983)(170)
Interest benefit on swaps designated as net investment hedges(15,677)(13,882)
Other(3,953)(26,113)
Changes in assets and liabilities, net of effects of acquisitions and disposals:  
Accounts receivable(36,402)(13,829)
Inventories(85,293)(10,951)
Prepaid expenses and other assets21,298 (31,223)
Accounts payable, accrued expenses and other liabilities(26,726)84,179 
Income taxes receivable and payable, net(79,879)(39,610)
   Net cash provided by operating activities from continuing operations244,415 450,460 
Cash flows from investing activities of continuing operations:  
Expenditures for property, plant and equipment(52,648)(52,090)
Proceeds from sale of business and assets12,434 225,900 
Payments for businesses and intangibles acquired, net of cash acquired(27,308)(4,254)
Net interest proceeds on swaps designated as net investment hedges10,314 9,288 
Proceeds from sales of investments7,300 7,300 
Purchase of investments(7,300)(18,418)
Net cash (used in) provided by investing activities from continuing operations(57,208)167,726 
Cash flows from financing activities of continuing operations:  
Proceeds from new borrowings— 400,000 
Reduction in borrowings(144,250)(834,000)
Debt extinguishment, issuance and amendment fees— (9,774)
Net (payments) proceeds from share based compensation plans and related tax impacts(4,398)11,366 
Payments for contingent consideration(3,885)(31,388)
Dividends paid(47,840)(47,716)
Proceeds from sale of treasury stock— 11,097 
Net cash used in financing activities from continuing operations(200,373)(500,415)
Cash flows from discontinued operations:  
Net cash used in operating activities(482)(519)
Net cash used in discontinued operations(482)(519)
Effect of exchange rate changes on cash and cash equivalents(34,177)(11,965)
Net (decrease) increase in cash and cash equivalents(47,825)105,287 
Cash and cash equivalents at the beginning of the period445,084 375,880 
Cash and cash equivalents at the end of the period$397,259 $481,167 
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, 2021
47,929 $47,929 $693,090 $3,517,954 $(346,959)1,069 $(157,266)$3,754,748 
Net income77,141 77,141 
Cash dividends ($0.34 per share)
(15,946)(15,946)
Other comprehensive loss(21,286)(21,286)
Shares issued under compensation plans5 5 (950)(27)894 (51)
Deferred compensation— — 100 (5)828 928 
Balance at March 27, 2022
47,934 47,934 692,240 3,579,149 (368,245)1,037 (155,544)3,795,534 
Net income105,514 105,514 
Cash dividends ($0.34 per share)
(15,946)(15,946)
Other comprehensive loss(40,450)(40,450)
Shares issued under compensation plans6 6 7,918 (2)151 8,075 
Deferred compensation— — (2)— 5 3 
Balance at June 26, 2022
47,940 47,940 700,156 3,668,717 (408,695)1,035 (155,388)3,852,730 
Net income101,895 101,895 
Cash dividends ($0.34 per share)
(15,948)(15,948)
Other comprehensive loss(50,497)(50,497)
Shares issued under compensation plans1 1 6,904 (1)76 6,981 
Balance at September 25, 2022
47,941 $47,941 $707,060 $3,754,664 $(459,192)1,034 $(155,312)$3,895,161 

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, 2020
47,812 $47,812 $652,305 $3,096,228 $(297,298)1,132 $(162,590)$3,336,457 
Net income
74,866 74,866 
Cash dividends ($0.34 per share)
(15,893)(15,893)
Other comprehensive loss
(22,437)(22,437)
Shares issued under compensation plans
18 18 1,993 (28)99 2,110 
Deferred compensation
— — 447 (4)241 688 
Balance at March 28, 2021
47,830 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 income
7,775 7,775 
Shares issued under compensation plans
52 52 15,132 (1)16 15,200 
Deferred compensation
— — — — (12)(12)
Balance as of June 27, 2021
47,882 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 
Deferred compensation— — 6,349 (28)4,748 11,097 
Balance at September 26, 2021
47,915 $47,915 $686,600 $3,405,807 $(324,942)1,071 $(157,508)$3,657,872 

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, 2021.
Note 2 — Recently issued accounting standards
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 believe 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 88%, 10% and 2% of consolidated net revenues, respectively, for the nine months ended September 25, 2022. 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 25, 2022 and September 26, 2021.
Three Months EndedNine Months Ended
September 25, 2022September 26, 2021September 25, 2022September 26, 2021
Vascular access$167,147 $175,476 $497,188 $507,188 
Anesthesia97,608 97,074 289,260 277,357 
Interventional108,738 104,304 319,939 312,559 
Surgical93,124 92,831 282,468 271,402 
Interventional urology78,969 83,107 233,682 248,714 
OEM71,288 64,083 198,947 178,528 
Other (1)
69,914 83,376 211,561 251,901 
Net revenues (2)
$686,788 $700,251 $2,033,045 $2,047,649 
(1)Includes revenues generated from sales of our respiratory and urology products (other than interventional urology products). Certain product lines within the respiratory product category were sold during 2021. See Note 4 for additional information related to the Respiratory business divestiture.
(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 Divestiture
On September 27, 2022, the second day of the fourth quarter, we completed the acquisition of Standard Bariatrics, Inc. (“Standard Bariatrics”), a privately-held medical device company that commercialized a powered stapling technology for bariatric surgery that will complement our surgical product portfolio. Under the terms of the agreement, we acquired Standard Bariatrics for an upfront cash payment of $170 million, with additional consideration of up to $130 million payable upon the achievement of certain commercial milestones. The milestone payments are based on net sales growth over the three-year period following the closing of the transaction. The acquisition was financed using borrowings under the Company's revolving credit facility and cash on hand.
Asset acquisition
On June 13, 2022, we acquired a privately-owned company that designed a catheter product for an initial payment of $22.8 million with the potential to make additional payments up to $26.2 million if certain commercial and revenue goals are met. The acquisition, which is expected to complement our interventional product portfolio, principally consisted of a proprietary catheter design and other related intellectual property, being amortized over a useful life of 15 years.
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. The second phase of the Respiratory business divestiture will occur once we transfer certain additional manufacturing assets to Medline and is expected to occur prior to the end of 2023. We plan to recognize the remaining consideration, and any gain on sale resulting from the completion of the second phase of the divestiture, when it becomes realizable.
8

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

Net revenues attributable to our divested respiratory business recognized prior to the Respiratory business divestiture were included within each of our geographic segments and were $60.7 million for the nine months ended September 26, 2021, none of which occurred in the three months then ended. Net revenues attributed to services provided to Medline in accordance with the MSTA, which are presented within our Americas reporting segment, were $19.1 million and $60.5 million for the three and nine months ended September 25, 2022, respectively and $27.9 million for the three and nine months ended September 27, 2021.
Note 5 — Restructuring and impairment charges
We have ongoing restructuring initiatives consisting of a plan, initiated in connection with the Respiratory business divestiture described in Note 4, designed to separate the manufacturing operations to be transferred to Medline from those that will remain with Teleflex (the “Respiratory divestiture plan”), and plans related to the relocation of manufacturing operations to existing lower-cost locations and related workforce reductions (referred to as the 2019 and 2018 Footprint realignment plans). The following tables provide a summary of our cost estimates and other information associated with these plans:
Respiratory divestiture plan2019 Footprint realignment plan2018 Footprint realignment plan
Plan expense estimates:(Dollars in millions)
Termination benefits
$5 to $8
$12 to $13
$60 to $63
Other costs (1)
— to —
2 to 2
4 to 4
Restructuring charges
5 to 8
14 to 15
64 to 67
Restructuring related charges (2)
19 to 22
42 to 45
44 to 49
Total restructuring and restructuring related charges
$24 to $30
$56 to $60
$108 to $116
Other plan estimates:
Expected cash outlays
$24 to $30
$48 to $52
$95 to $100
Expected capital expenditures
$22 to $28
$32 to $34
$16 to $17
Other plan information:
Period initiatedMay 2021February 2019May 2018
Estimated period of substantial completion202320222022
Aggregate restructuring charges$3.1$14.5$63.5
Restructuring reserve:
Balance as of September 25, 2022$2.8$1.6$34.5
Restructuring related charges incurred:
Three Months Ended September 25, 2022$2.1$1.3$2.7
Nine Months Ended September 25, 2022$6.5$4.2$8.2
Aggregate restructuring related charges$9.8$38.4$35.5
(1)Includes facility closure, employee relocation, equipment relocation and outplacement costs.
(2)Restructuring related charges represent costs that are directly related to the plans 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.
In 2014, we initiated a restructuring plan involving the consolidation of operations and a related reduction in workforce at certain facilities, in addition to the relocation of manufacturing operations from certain higher-cost locations to existing lower-cost locations (the "2014 Footprint realignment plan”). The plan is substantially complete and as a result, we expect future restructuring expenses associated with the plan, if any, to be immaterial.
9

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

Restructuring and impairment charges recognized for the three and nine months ended September 25, 2022 and September 26, 2021 consisted of the following:
Three Months Ended September 25, 2022
Termination Benefits
Other Costs (1)
Total
Respiratory divestiture plan$123 $22 $145 
2019 Footprint realignment plan(50)16 (34)
2018 Footprint realignment plan203 252 455 
Other restructuring programs (2)
24 38 62 
Restructuring charges$300 $328 $628 
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 (3)
60 210 270 
Restructuring charges$612 $347 $959 
Nine Months Ended September 25, 2022
Termination benefits
Other costs (1)
Total
Respiratory divestiture plan$358 $67 $425 
2019 Footprint realignment plan(1,120)61 (1,059)
2018 Footprint realignment plan514 547 1,061 
Other restructuring plans (2)
750 276 1,026 
Restructuring charges502 951 1,453 
Asset impairment charges— 1,497 1,497 
Restructuring and impairment charges$502 $2,448 $2,950 
Nine Months Ended September 26, 2021
Termination benefits
Other costs (1)
Total
Respiratory divestiture plan$2,666 $— $2,666 
2021 Restructuring plan7,115 65 7,180 
2019 Footprint realignment plan49 282 331 
2018 Footprint realignment plan1,917 147 2,064 
Other restructuring plans (3)
(110)1,581 1,471 
Restructuring charges11,637 2,075 13,712 
Asset impairment charges— 6,739 6,739 
Restructuring and impairment charges$11,637 $8,814 $20,451 
(1) Other costs include 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 2021 Restructuring plan and the 2014 Footprint realignment plan.
(3) Includes the 2020 Workforce reduction plan, the program initiated during third quarter of 2019 and the 2014 Footprint realignment plan.

10

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

Note 6 — Inventories
Inventories as of September 25, 2022 and December 31, 2021 consisted of the following:
 September 25, 2022December 31, 2021
Raw materials$165,846 $