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Restructuring charges, separation costs and impairment charges
 6 Months Ended
Jun. 29, 2025
Restructuring and Related Activities [Abstract]  
Restructuring charges, separation costs and impairment charges Restructuring charges, separation costs and impairment charges
We have ongoing restructuring initiatives consisting of the following:
•a footprint realignment plan initiated in 2024 that includes 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 "2024 Footprint realignment plan") and,
•a footprint realignment plan initiated in 2023 that involves the relocation of certain manufacturing operations to existing lower cost locations, the outsourcing of certain manufacturing processes and related workforce reductions (the “2023 Footprint realignment plan”).
The following tables provide a summary of our cost estimates and other information associated with these plans:
2024 Footprint Realignment plan2023 Footprint Realignment plan
Plan expense estimates:(Dollars in millions)
Restructuring charges (1)
$16 million to $20 million
$4 million to $6 million
Restructuring related charges (2) (3)
$21 million to $26 million
$7 million to $9 million
Total restructuring and restructuring related charges
$37 million to $46 million
$11 million to $15 million
Other plan estimates:
Expected cash outlays
$31 million to $38 million
$11 million to $15 million
Expected capital expenditures
$15 million to $17 million
$2 million to $3 million
Other plan information:
Period initiatedMay 2024September 2023
Estimated period of substantial completionEnd of 2025End of 2027
Aggregate restructuring charges
$13.5 million
$3.2 million
Restructuring reserve:
Balance as of June 29, 2025
$10.3 million
$2.9 million
Restructuring related charges incurred:
Three months ended June 29, 2025
$2.4 million
$0.9 million
Six months ended June 29, 2025
$6.2 million
$1.5 million
Aggregate restructuring related charges
$12.8 million
$4.2 million
(1)Substantially all of the charges consist of employee termination benefit costs.
(2)2024 Footprint realignment plan restructuring related charges represent costs that are directly related to the program and consist primarily of project management costs and costs to relocate manufacturing operations and support functions to the new locations. Substantially all of the restructuring related charges are expected to be recognized within cost of goods sold.
(3)2023 Footprint realignment plan 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.
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.
Restructuring charges, separation costs and impairment charges recognized for the three and six months ended June 29, 2025 and June 30, 2024 consisted of the following:
Three Months Ended June 29, 2025
Termination Benefits
Other Costs (1)
Total
2024 Restructuring plan$40 $9 $49 
2024 Footprint realignment plan1,101 55 1,156 
2023 Footprint realignment plan87 — 87 
Other restructuring programs (2)
(143)16 (127)
Restructuring charges1,085 80 1,165 
Asset impairment charges— 8,117 8,117 
Separation costs— 12,890 12,890 
Restructuring charges, separation costs and impairment charges$1,085 $21,087 $22,172 
Three Months Ended June 30, 2024
Termination Benefits
Other Costs (1)
Total
2024 Footprint realignment plan$8,572 $— $8,572 
2023 Restructuring plan(974)36 (938)
2023 Footprint realignment plan588 1 589 
Other restructuring programs (3)
(373)5 (368)
Restructuring charges$7,813 $42 $7,855 
Six Months Ended June 29, 2025
Termination Benefits
Other Costs (1)
Total
2024 Restructuring plan$161 $60 $221 
2024 Footprint realignment plan2,166 92 2,258 
2023 Footprint realignment plan330 2 332 
Other restructuring programs (2)
(143)25 (118)
Restructuring charges2,514 179 2,693 
Asset impairment charges— 8,117 8,117 
Separation costs— 16,117 16,117 
Restructuring charges, separation costs and impairment charges$2,514 $24,413 $26,927 
Six Months Ended June 30, 2024
Termination Benefits
Other Costs (1)
Total
2024 Footprint realignment plan$8,572 $— $8,572 
2023 Restructuring plan(818)82 (736)
2023 Footprint realignment plan743 3 746 
Other restructuring programs (3)
(208)30 (178)
Restructuring charges8,289 115 8,404 
Asset impairment charges— 2,110 2,110 
Restructuring and impairment charges$8,289 $2,225 $10,514 
(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.
Impairment charges
For the three and six months ended June 29, 2025 and the six months ended June 30, 2024, we 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 intention to create a new, independently traded public company comprising 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"). Our Vascular Access product category, most of our products within our Interventional Access and Surgical product categories and the VI Business will remain with Teleflex. 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 explore the potential sale of NewCo in parallel with the potential spin transaction. The completion of any separation transaction and the achievement of tax-free status for U.S. tax purposes will be contingent upon various conditions and approvals, including approval of our Board of Directors, receipt of requisite regulatory clearances and 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 six months ended June 29, 2025, we recognized separation costs of $12.9 million and $16.1 million, respectively, primarily consisting of consulting, legal, tax and other professional advisory services associated with the strategic actions.