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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 29, 2024
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 46,443,734 shares of common stock, par value $1.00 per share, outstanding as of October 29, 2024 .


TELEFLEX INCORPORATED
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 29, 2024
TABLE OF CONTENTS
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1

PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months EndedNine Months Ended
 September 29, 2024October 1, 2023September 29, 2024October 1, 2023
 (Dollars and shares in thousands, except per share)
Net revenues$764,375 $746,389 $2,251,915 $2,200,580 
Cost of goods sold334,203 330,078 989,151 985,066 
Gross profit430,172 416,311 1,262,764 1,215,514 
Selling, general and administrative expenses247,257 213,194 740,718 669,216 
Research and development expenses38,726 37,576 117,119 118,493 
Pension settlement (benefit) charge
(5,407)— 132,732 — 
Restructuring and impairment charges285 231 10,799 3,960 
Income from continuing operations before interest and taxes149,311 165,310 261,396 423,845 
Interest expense21,058 23,192 64,909 59,291 
Interest income(2,298)(7,487)(5,751)(9,486)
Income from continuing operations before taxes130,551 149,605 202,238 374,040 
Taxes (benefit) on income from continuing operations19,633 11,935 (4,586)47,651 
Income from continuing operations110,918 137,670 206,824 326,389 
Operating income (loss) from discontinued operations112 (687)(639)(1,512)
Taxes (benefit) on operating loss from discontinued operations26 (157)(146)(346)
Income (loss) from discontinued operations86 (530)(493)(1,166)
Net income$111,004 $137,140 $206,331 $325,223 
Earnings per share:
Basic:
Income from continuing operations$2.37 $2.93 $4.40 $6.95 
Income (loss) from discontinued operations0.01 (0.01)(0.01)(0.03)
Net income $2.38 $2.92 $4.39 $6.92 
Diluted:
Income from continuing operations$2.36 $2.91 $4.38 $6.90 
Loss from discontinued operations— (0.01)(0.01)(0.02)
Net income$2.36 $2.90 $4.37 $6.88 
Weighted average common shares outstanding
Basic46,724 46,992 46,995 46,974 
Diluted47,012 47,299 47,256 47,304 
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 29, 2024October 1, 2023September 29, 2024October 1, 2023
(Dollars in thousands)
Net income$111,004 $137,140 $206,331 $325,223 
Other comprehensive income (loss), net of tax:
Foreign currency:
Foreign currency translation, net of tax of $7,370, $(4,667), $3,161, and $(434) for the three and nine month periods, respectively
27,893 (29,417)(23,008)(13,368)
Pension and other postretirement benefits plans:
Prior service cost recognized in net periodic cost, net of tax of $112, $58, $338, and $175 for the three and nine month periods, respectively
(380)(196)(1,137)(588)
Unamortized gain arising during the period, net of tax of $—, $—, $(2,559) and $— for the three and nine month periods, respectively
— — 8,619 — 
Plan settlement charge, net of tax of $—, $—, $(58,065), and $— for the three and nine month periods, respectively
— — 80,074 — 
Net (gain) loss recognized in net periodic cost, net of tax of $6, $(425), $(280), and $(1,378) for the three and nine month periods, respectively
(42)1,422 882 4,613 
Foreign currency translation, net of tax of $161, $(109), $114, and $21 for the three and nine month periods, respectively
(455)317 (339)(74)
Pension and other postretirement benefit plans adjustment, net of tax of $279, $(476), $(60,452), and $(1,182) for the three and nine month periods, respectively
(877)1,543 88,099 3,951 
Derivatives qualifying as hedges:
Derivatives qualifying as hedges, net of tax of $54, $(116), $(91), and $334 for the three and nine month periods, respectively
(6,051)(2,412)(8,926)789 
Other comprehensive income (loss), net of tax:20,965 (30,286)56,165 (8,628)
Comprehensive income$131,969 $106,854 $262,496 $316,595 
The accompanying notes are an integral part of the condensed consolidated financial statements.
3

TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 September 29, 2024December 31, 2023
 (Dollars in thousands)
ASSETS  
Current assets  
Cash and cash equivalents$243,235 $222,848 
Accounts receivable, net470,257 443,467 
Inventories639,938 626,216 
Prepaid expenses and other current assets116,928 107,471 
Prepaid taxes28,945 7,404 
Total current assets1,499,303 1,407,406 
Property, plant and equipment, net512,224 479,913 
Operating lease assets112,895 123,521 
Goodwill2,918,562 2,914,055 
Intangible assets, net2,325,105 2,501,960 
Deferred tax assets6,779 6,748 
Other assets111,423 98,943 
Total assets$7,486,291 $7,532,546 
LIABILITIES AND EQUITY  
Current liabilities  
Current borrowings$96,875 $87,500 
Accounts payable119,255 132,247 
Accrued expenses157,782 146,880 
Payroll and benefit-related liabilities142,619 146,535 
Accrued interest16,657 5,583 
Income taxes payable18,681 41,453 
Other current liabilities66,884 46,547 
Total current liabilities618,753 606,745 
Long-term borrowings1,661,546 1,727,572 
Deferred tax liabilities445,841 456,080 
Pension and postretirement benefit liabilities23,548 23,989 
Noncurrent liability for uncertain tax positions3,369 3,370 
Noncurrent operating lease liabilities102,938 111,300 
Other liabilities148,579 162,502 
Total liabilities3,004,574 3,091,558 
Commitments and contingencies
Total shareholders' equity4,481,717 4,440,988 
Total liabilities and shareholders' equity$7,486,291 $7,532,546 
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 29, 2024October 1, 2023
(Dollars in thousands)
Cash flows from operating activities of continuing operations:  
Net income$206,331 $325,223 
Adjustments to reconcile net income to net cash provided by operating activities:  
Loss from discontinued operations493 1,166 
Depreciation expense54,826 52,687 
Intangible asset amortization expense147,983 125,230 
Deferred financing costs and debt discount amortization expense2,562 2,547 
Pension settlement charge132,732 — 
Fair value step up of acquired inventory sold1,722 — 
Changes in contingent consideration7,446 (24,482)
Assets impairment charge2,110 — 
Stock-based compensation23,727 22,135 
Deferred income taxes, net(60,648)2,076 
Payments for contingent consideration— (289)
Interest benefit on swaps designated as net investment hedges(12,031)(15,459)
Other1,970 4,743 
Changes in assets and liabilities, net of effects of acquisitions and disposals:  
Accounts receivable(25,294)(18,313)
Inventories(11,635)(50,702)
Prepaid expenses and other assets40,446 7,487 
Accounts payable, accrued expenses and other liabilities(1,623)(16,674)
Income taxes receivable and payable, net(75,493)(45,014)
   Net cash provided by operating activities from continuing operations435,624 372,361 
Cash flows from investing activities of continuing operations:  
Expenditures for property, plant and equipment(94,412)(63,768)
Payments for businesses and intangibles acquired, net of cash acquired(120)(205)
Net proceeds on swaps designated as net investment hedges18,262 10,275 
Proceeds from sales of investments7,300 7,300 
Purchase of investments(7,300)(11,300)
Net cash used in investing activities from continuing operations(76,270)(57,698)
Cash flows from financing activities of continuing operations:  
Proceeds from new borrowings130,000 646,000 
Reduction in borrowings(188,375)(321,625)
Repurchase of common stock(200,000)— 
Net proceeds from share based compensation plans and related tax impacts3,555 534 
Payments for contingent consideration(182)(949)
Dividends paid(47,808)(47,919)
Net cash (used in) provided by financing activities from continuing operations(302,810)276,041 
Cash flows from discontinued operations:  
Net cash used in operating activities(2,355)(579)
Net cash used in discontinued operations(2,355)(579)
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents728 (660)
Net increase in cash, cash equivalents and restricted cash equivalents54,917 589,465 
Cash, cash equivalents and restricted cash equivalents at the beginning of the period222,848 292,034 
Cash, cash equivalents and restricted cash equivalents at the end of the period$277,765 $881,499 
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, 2023
48,046 $48,046 $749,712 $4,109,736 $(314,405)1,006 $(152,101)$4,440,988 
Net income15,289 15,289 
Cash dividends ($0.34 per share)
(16,001)(16,001)
Other comprehensive income
53,351 53,351 
Shares issued under compensation plans35 35 6,166 (21)2,244 8,445 
Deferred compensation347 (5)791 1,138 
Balance at March 31, 2024
48,081 48,081 756,225 4,109,024 (261,054)980 (149,066)4,503,210 
Net income80,038 80,038 
Cash dividends ($0.34 per share)
(16,017)(16,017)
Other comprehensive loss
(18,151)(18,151)
Shares issued under compensation plans10 10 8,967 (5)655 9,632 
Deferred compensation— — 2 — 5 7 
Balance at June 30, 2024
48,091 48,091 765,194 4,173,045 (279,205)975 (148,406)4,558,719 
Net income111,004 111,004 
Cash dividends ($0.34 per share)
(15,790)(15,790)
Other comprehensive income20,965 20,965 
Shares issued under compensation plans5 5 8,262 (1)149 8,416 
Repurchase of common stock— — (40,000)678 (161,600)(201,600)
Deferred Compensation— — 3 3 
Balance at September 29, 202448,096 $48,096 $733,456 $4,268,259 $(258,240)1,652 $(309,854)$4,481,717 

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, 2022
47,957 $47,957 $715,118 $3,817,304 $(403,522)1,032 $(154,889)$4,021,968 
Net income
76,748 76,748 
Cash dividends ($0.34 per share)
(15,969)(15,969)
Other comprehensive income
22,191 22,191 
Shares issued under compensation plans
18 18 2,333 (19)2,639 4,990 
Deferred compensation
324 (6)1 325 
Balance at April 2, 2023
47,975 47,975 717,775 3,878,083 (381,331)1,007 (152,249)4,110,253 
Net income111,335 111,335 
Cash dividends ($0.34 per share)
(15,972)(15,972)
Other comprehensive loss
(533)(533)
Shares issued under compensation plans 23 23 9,920 — 66 10,009 
Balance at July 2, 2023
47,998 47,998 727,695 3,973,446 $(381,864)1,007 (152,183)4,215,092 
Net income137,140 137,140 
Cash dividends ($0.34 per share)
(15,978)(15,978)
Other comprehensive loss(30,286)(30,286)
Shares issued under compensation plans1 1 8,057 (1)22 8,080 
Balance at October 1, 2023
47,999 $47,999 $735,752 $4,094,608 $(412,150)1,006 $(152,161)$4,314,048 

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, 2023.
Supplemental balance sheet information
Cash, cash equivalents, and restricted cash equivalents consisted of the following at September 29, 2024 and December 31, 2023:
September 29, 2024December 31, 2023
Cash and cash equivalents$243,235 $222,848 
Restricted cash equivalents in other current assets (1)
16,219 — 
Restricted cash equivalents in other assets (1)
18,311 — 
Total cash, cash equivalents and restricted cash equivalents$277,765 $222,848 
(1) Restricted cash equivalents represent surplus plan assets resulting from the termination of the Teleflex Incorporated Retirement Income Plan (the "TRIP") that were transferred to a suspense account within the Teleflex 401(k) Savings Plan as of September 29, 2024 as described in Note 12. Amounts expected to be transferred from the suspense account to employees within one year are classified as other current assets.
Note 2 — Recently issued accounting standards
In November 2023, the Financial Accounting Standard Board ("FASB") issued new guidance designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses per segment. The new standard must be adopted on a retrospective basis. We intend to adopt the new guidance for the fiscal year ending December 31, 2024, and subsequent interim periods. We do not expect our adoption of this standard will have a material impact on the consolidated financial statements and disclosures.
In December 2023, the FASB issued new guidance designed to improve income tax disclosure requirements, primarily through increased disaggregation disclosures within the effective tax rate reconciliation as well as enhanced disclosures on income taxes paid. The guidance is effective for all fiscal years beginning after December 15, 2024. The new standard can be adopted on a prospective basis with an option for it to be adopted retrospectively and early adoption is permitted. We are currently evaluating this guidance to determine its impact on our consolidated financial statements.
In March 2024, the SEC adopted final rules that require registrants to include certain climate-related disclosures in registration statements and annual reports. The required disclosures include information about a registrant's climate-related risks that are reasonably likely to have a material impact on its business, results of operations or
7

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

financial condition. The required information about climate-related risks will also include disclosure of a registrant's greenhouse gas emissions and will require registrants to present certain climate-related financial disclosures in their audited financial statements. The rules were to be effective for all fiscal years beginning in 2025. However, following the adoption of the rules, challenges to the rules were brought in six federal appellate courts. These challenges were consolidated for review in the U.S. Court of Appeals for the Eighth Circuit. Additional cases have been filed since the consolidation order. On April 4, 2024, the SEC announced that it had stayed the rules pending the completion of judicial review of the consolidated Eighth Circuit petitions. The SEC has further stated that it plans to designate a new effective date and phase-in period for the implementation of the rules at the conclusion of the stay, though this would occur only if the SEC prevails in the ongoing legal proceedings. We plan to monitor the status of these rules, and, as appropriate, to evaluate the rules to determine their impact on our 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, 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 86%, 12% and 2% of consolidated net revenues, respectively, for the nine months ended September 29, 2024. 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.
The following table disaggregates revenue by global product category for the three and nine months ended September 29, 2024 and October 1, 2023.
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Vascular access$180,896 $169,919 $543,355 $521,356 
Interventional
149,865 134,089 425,687 375,766 
Anesthesia101,154 97,612 299,997 291,786 
Surgical111,746 112,805 328,574 317,781 
Interventional urology83,395 73,622 246,241 226,819 
OEM82,558 82,309 259,080 243,434 
Other (1)
54,761 76,033 148,981 223,638 
Net revenues (2)
$764,375 $746,389 $2,251,915 $2,200,580 
(1)    Includes revenues generated from sales of our respiratory and urology products (other than interventional urology products) and sales pursuant to the manufacturing and supply transition agreement related to our Respiratory business divestiture. For the nine months ended September 29, 2024, amounts reflect the impact from increases in our reserves related to the Italian payback measure pertaining to prior years discussed in Note 13.
(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.
8

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

Each of the geographically based reportable segments includes net revenues from each of the non-OEM product categories listed above.
Note 4 — Acquisition
2023 acquisition
In the fourth quarter of 2023, we completed the acquisition of Palette Life Sciences AB (“Palette”), a privately held medical device company that sells a portfolio of hyaluronic acid gel-based products primarily utilized in the treatment of urology diseases including a rectal spacing product used in connection with radiation therapy treatment of prostate cancer. Under the terms of the agreement, we acquired Palette for an initial cash payment of $594.9 million, with the potential to make two milestone payments up to $50 million in the aggregate if certain commercial milestones are met. The milestone payments are based on net sales growth over the two-year period beginning January 1, 2024.
In the third quarter of 2024, we modified our allocation of the intangible assets acquired in the Palette transaction between our domestic and foreign entities as we identified new facts and circumstances that existed as of the acquisition date. As a result, we recorded a measurement period adjustment recognizing a $2.0 million decrease in the deferred tax liabilities and goodwill. The allocation change also impacted the currency translation of certain assets and liabilities and as a result, we reversed previously recorded foreign currency translation of $19.7 million for the nine months ended September 29, 2024, which decreased comprehensive income in the period. The adjustment did not have a significant impact on our results from operations.
We have not reached an agreement on the closing statement adjustments with the seller. However, the measurement period related to this acquisition expired during the fourth quarter, and as a result, any subsequent adjustments to the consideration transferred will be recognized in the reporting period in which they are settled.
Note 5 — Restructuring and impairment charges
Restructuring and impairment charges recognized for the three and nine months ended September 29, 2024 and October 1, 2023 consisted of the following:
Three Months Ended September 29, 2024
Termination Benefits
Other Costs (1)
Total
2024 Footprint realignment plan$1,066 $27 $1,093 
2023 Restructuring plan(95)— (95)
2023 Footprint realignment plan301 — 301 
Other restructuring programs (2)
(1,018)4 (1,014)
Restructuring charges$254 $31 $285 
Three Months Ended October 1, 2023
Termination Benefits
Other Costs (1)
Total
2023 Footprint realignment plan$1,296 $— $1,296 
2022 Restructuring plan244 102 346 
Respiratory divestiture plan(851)5 (846)
Other restructuring programs (3)
(612)47 (565)
Restructuring charges$77 $154 $231 
9

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

Nine Months Ended September 29, 2024
Termination Benefits
Other Costs (1)
Total
2024 Footprint realignment plan$9,638 $27 $9,665 
2023 Restructuring plan(914)82 (832)
2023 Footprint realignment plan1,044 3 1,047 
Other restructuring programs (2)
(1,225)34 (1,191)
Restructuring charges8,543 146 8,689 
Asset impairment charges— 2,110 2,110 
Restructuring and impairment charges$8,543 $2,256 $10,799 
Nine Months Ended October 1, 2023
Termination Benefits
Other Costs (1)
Total
2023 Footprint realignment plan$1,296 $— $1,296 
2022 Restructuring plan3,361 313 3,674 
Respiratory divestiture plan(596)17 (579)
Other restructuring programs (3)
(853)422 (431)
Restructuring charges$3,208 $752 $3,960 
(1) Other costs include facility closure, contract termination and other exit costs.
(2) Includes activity primarily related to a restructuring plan initiated in the fourth quarter of 2022 that was designed to improve operating performance and position the organization to deliver long-term durable growth by creating efficiencies that align with our high growth strategic objectives (the "2022 Restructuring plan"), which has concluded.
(3) Includes activity primarily related to a restructuring plan initiated in the first quarter of 2022 that was designed to relocate manufacturing operations at certain of our facilities (the "2022 Manufacturing relocation plan") and our 2014, 2018, and 2019 Footprint realignment plans.
2024 Footprint realignment plan
During the second quarter of 2024, we initiated the "2024 Footprint realignment plan," encompassing several strategic restructuring initiatives. These initiatives primarily include the relocation of select manufacturing operations to existing lower-cost locations, the optimization of specific product portfolios through targeted rationalization efforts, the relocation of certain integral product development and manufacturing support functions, the optimization of certain supply chain activities and related workforce reductions. The actions under the 2024 Footprint realignment plan are expected to be substantially completed by the end of 2025.
The following table provides a summary of our estimates of restructuring and restructuring related charges by major type of expense associated with the 2024 Footprint realignment plan:
Total estimated amount expected to be incurred
Program expense estimates:
Restructuring charges (1)
$16 million to $20 million
Restructuring related charges (2)
$21 million to $26 million
Total restructuring and restructuring related charges
$37 million to $46 million
(1)Substantially all of the charges consist of employee termination benefit costs.
(2)Consists of pre-tax charges related to accelerated depreciation and other costs directly related to the plan, primarily project management costs and costs to relocate manufacturing operations and support functions to the new locations. Substantially all of the charges are expected to be recognized within costs of goods sold.

We expect the restructuring and restructuring related charges will result in future cash outlays ranging from $31 million to $38 million, with the majority anticipated to occur between 2025 and 2026. Furthermore, we expect to incur $13 million to $16 million in aggregate capital expenditures under the plan, with the bulk of these expenses expected to occur during 2024 and 2025.
10

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

For the three and nine months ended September 29, 2024, respectively, we incurred $2.6 million and $3.7 million under the 2024 Footprint realignment plan in pre-tax restructuring related charges, substantially all of which was recognized in cost of goods sold.
As of September 29, 2024, we had a restructuring reserve of $10.1 million related to this plan, all of which related to termination benefits.
2023 Footprint realignment plan
During the third quarter of 2023, we initiated a restructuring plan primarily involving the relocation of certain manufacturing operations to existing lower-cost locations, the outsourcing of certain manufacturing processes and related workforce reductions (the "2023 Footprint realignment plan"). These actions are expected to be substantially completed by the end of 2027. The following table provides a summary of our estimates of restructuring and restructuring related charges by major type of expense associated with the 2023 Footprint realignment plan:
Total estimated amount expected to be incurred
Program expense estimates:
Restructuring charges (1)
$4 million to $6 million
Restructuring related charges (2)
$7 million to $9 million
Total restructuring and restructuring related charges
$11 million to $15 million
(1) Substantially all of the charges consist of employee termination benefit costs.
(2) Restructuring related charges represent costs that are directly related to the 2023 Footprint realignment plan and principally constitute costs to transfer manufacturing operations to existing lower-cost locations and project management costs. Substantially all of these charges are expected to be recognized within cost of goods sold.
Additionally, we expect to incur $2 million to $3 million in aggregate capital expenditures under the plan.
For the three and nine months ended September 29, 2024, respectively, we incurred $0.8 million and $1.8 million under the 2023 Footprint realignment plan in pre-tax restructuring related charges, all of which were recognized in cost of goods sold. As of September 29, 2024, we have incurred aggregate restructuring charges in connection with the 2023 Footprint realignment plan of $2.5 million. In addition, as of September 29, 2024, we have incurred aggregate restructuring related charges of $2.0 million with respect to the 2023 Footprint realignment plan, consisting of certain costs that principally resulted from the transfer of manufacturing operations to new locations.
As of September 29, 2024, we had a restructuring reserve of $2.4 million related to this plan, all of which related to termination benefits.
2023 Restructuring plan
During the fourth quarter of 2023, we initiated a restructuring plan, which primarily involved the integration of Palette into Teleflex and workforce reductions designed to improve operating performance across the organization by creating efficiencies that align with evolving market demands and our strategy to enhance long-term value creation (the “2023 restructuring plan”). The plan is substantially complete and as a result, we expect future restructuring expenses associated with the plan to be immaterial.
Impairment charge
For the nine months ended September 29, 2024, we recorded an impairment charge of $2.1 million related to a portion of our operating lease assets stemming from our cessation of occupancy of a specific facility.

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

Note 6 — Inventories
Inventories as of September 29, 2024 and December 31, 2023 consisted of the following:
 September 29, 2024December 31, 2023
Raw materials$173,865 $179,517 
Work-in-process120,491 111,132 
Finished goods345,582 335,567 
Inventories$639,938 $626,216 

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 nine months ended September 29, 2024:
 AmericasEMEAAsiaOEMTotal
December 31, 2023$2,068,072 $487,744 $246,229 $112,010 $2,914,055 
Goodwill related to acquisitions(1,953)— — — (1,953)
Currency translation adjustment(3,872)7,281 3,051 — 6,460 
September 29, 2024$2,062,247 $495,025 $249,280 $112,010 $2,918,562 
Our goodwill impairment testing is performed annually during the fourth quarter of each fiscal year in addition to periods where changes in circumstances indicate that the carrying value of our goodwill assets may not be recoverable. No impairment charges were recognized during the three and nine months ended September 29, 2024. We did identify indicators of a potential impairment as of June 30, 2024 related to our Interventional Urology North America reporting unit, included within our Americas operating segment. The indicators of a potential impairment primarily arose from lower than anticipated sales results from our UroLift product line (“UroLift”), primarily driven by the adverse impact of persistent end-market challenges within the U.S. office site of service. We performed a quantitative impairment test of the reporting unit using both the income and the market approaches, which determined that the fair value of the reporting unit exceeded the carrying value. The more significant judgments and assumptions in determining the fair value included the amount and timing of expected future cash flows, the expected long-term growth rates and the discount rate used to estimate the present value of the future cash flows. Our assessment indicates that the Interventional Urology North America reporting unit is susceptible to future impairment charges if future revenue is lower than our current expectations, in particular with respect to the adverse impacts stemming from end market conditions related to UroLift, as well as from continuing negative impacts from macroeconomic factors, including increased inflation and higher interest rates. The carrying value of goodwill allocated to the Interventional Urology North America reporting unit as of September 29, 2024 was $643.9 million.
The gross carrying amount of, and accumulated amortization relating to, intangible assets as of September 29, 2024 and December 31, 2023 were as follows:
 Gross Carrying AmountAccumulated Amortization
 September 29, 2024December 31, 2023September 29, 2024December 31, 2023
Customer relationships$1,362,046 $1,363,839 $(610,061)$(561,753)
In-process research and development23,666 27,476 — — 
Intellectual property1,872,243 1,890,957 (834,835)(745,094)
Distribution rights23,360 23,301 (22,687)(22,048)
Trade names607,163 610,146 (95,790)(84,864)
Non-compete agreements21,930 21,934 (21,930)(21,934)
 
$3,910,408 $3,937,653 $(1,585,303)$(1,435,693)

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

Note 8 — Financial instruments
Foreign currency forward contracts
We use derivative instruments for risk management purposes. Foreign currency forward contracts designated as cash flow hedges are used to manage foreign currency transaction exposure. Foreign currency forward contracts not designated as hedges for accounting purposes are used to manage exposure related to near term foreign currency denominated monetary assets and liabilities. We enter into the non-designated foreign currency forward contracts for periods consistent with our currency translation exposures, which generally approximate one month. For the three and nine months ended September 29, 2024, we recognized a loss of $0.9 million and a gain of $2.6 million, respectively, related to non-designated foreign currency forward contracts. For the three and nine months ended October 1, 2023, we recognized a loss of $1.0 million and a gain of $1.0 million, respectively, related to non-designated foreign currency forward contracts.
The total notional amount for all open foreign currency forward contracts designated as cash flow hedges as of September 29, 2024 and December 31, 2023 was $321.7 million and $234.1 million, respectively. The total notional amount for all open non-designated foreign currency forward contracts as of September 29, 2024 and December 31, 2023 was $187.6 million and $195.0 million, respectively. All open foreign currency forward contracts as of September 29, 2024 have durations of 12 months or less.
Cross-currency interest rate swaps
During 2019, we entered into cross-currency swap agreements with five different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate (the "2019 Cross-currency swaps"). Under the terms of the cross-currency swap agreements, we notionally exchanged $250 million at an annual interest rate of 4.88% for €219.2 million at an annual interest rate of 2.46%. The swap agreements are designed as net investment hedges. On February 26, 2024, the agreements related to our 2019 Cross-currency swap with an original maturity date of March 4, 2024 were terminated resulting in $12.1 million in cash settlement proceeds.
On February 26, 2024, we executed two separate term cross-currency swap agreements set to expire on February 26, 2027 and February 28, 2029, respectively, to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Each of the swap agreements had a notional principal amount of $250 million and were designated as a net investment hedge. On April 25, 2024, the cross-currency agreements executed in February 2024 were terminated in response to changes in market conditions, resulting in $0.4 million in a cash settlement payment and we simultaneously executed two new separate term cross-currency swap agreements with the same expiration dates and notional values (together, the "2024 Cross-currency swap agreements"). The cross-currency swap agreements expiring in 2027 include five different financial institution counterparties and notionally exchanged $250 million at an annual interest rate of 4.25% for €233.4 million at an annual interest rate of 2.44%. The cross-currency swap agreements expiring in 2029 include four different financial institution counterparties and notionally exchanged $250 million at an annual interest rate of 4.25% for €233.4 million at an annual interest rate of 2.45%. Both of the 2024 Cross-currency swap agreements are designated as a net investment hedge.
During 2023, we executed cross-currency swap agreements with six different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate, (the "2023 Cross-currency swaps"). Under the terms of the cross-currency swap agreements, we have notionally exchanged $500 million at an annual interest rate of 4.63% for €474.7 million at an annual interest rate of 3.05%. The swap agreements are designated as net investment hedges and expire on October 4, 2025.
In 2023, we entered into a zero cost foreign exchange collar contract that aligns with the notional amount and expiration date of the 2023 Cross-currency swaps. We sold a put option with a lower strike price and bought a call option with a higher strike price to manage the foreign exchange risk related to the final settlement of the $500 million notional cross currency swaps. Upon the execution of the zero cost foreign exchange collar contract, we have de-designated the 2023 Cross-currency swaps and re-designated the combined $500 million notional cross currency swaps and zero cost collar into a new hedging instrument. At redesignation, the existing $500 million notional cross-currency swaps were off-market due to changes in foreign exchange rates and interest rates. The off-market value due to interest rates will be amortized ratably into earnings through October 2025 and the off-market
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

value due to foreign exchange rates will remain in accumulated other comprehensive income until the underlying net investment is sold. The combined cross-currency swaps and zero cost collar have been designated as a net investment hedge for accounting purposes.
The swap agreements described above require an exchange of the notional amounts upon expiration or earlier termination of the agreements. We and the counterparties have agreed to effect the exchange through a net settlement.
The cross-currency swaps are marked to market at each reporting date and any changes in fair value are recognized as a component of accumulated other comprehensive income (loss) ("AOCI"). The following table summarizes the foreign exchange gains and losses recognized within AOCI and the interest benefit recognized within interest expense related to cross currency swap for the three and nine months ended September 29, 2024 and October 1, 2023:
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Foreign exchange (loss) gain
$(24,846)$15,756 $(10,656)$1,466 
Interest benefit4,031 5,171 12,031 15,459 
Balance sheet presentation
The following table presents the locations in the condensed consolidated balance sheet and fair value of derivative financial instruments as of September 29, 2024 and December 31, 2023:
September 29, 2024December 31, 2023
Fair Value
Asset derivatives:
Designated foreign currency forward contracts$4,468 $1,629 
Non-designated foreign currency forward contracts263 937 
Cross-currency interest rate swaps15,702 16,883 
Prepaid expenses and other current assets20,433 19,449 
Total asset derivatives$20,433 $19,449 
Liability derivatives:  
Designated foreign currency forward contracts$10,075 $1,866 
Non-designated foreign currency forward contracts968 1,340 
Other current liabilities11,043 3,206 
Cross-currency interest rate swaps50,964 32,097 
Other liabilities50,964 32,097 
Total liability derivatives$62,007 $35,303 
See Note 10 for information on the location and amount of gains and losses attributable to derivatives that were reclassified from AOCI to expense (income), net of tax. There was no ineffectiveness related to our cash flow hedges during the three and nine months ended September 29, 2024 and October 1, 2023.
Trade receivables
The allowance for credit losses as of September 29, 2024 and December 31, 2023 was $10.1 million and $9.5 million, respectively. The current portion of the allowance for credit losses, which was $5.9 million and $5.5 million as of September 29, 2024 and December 31, 2023, respectively, was recognized as a reduction of accounts receivable, net.
14

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

Note 9 — Fair value measurement
The following tables provide information regarding our financial assets and liabilities measured at fair value on a recurring basis as of September 29, 2024 and December 31, 2023:
 
Total carrying
 value at
 September 29, 2024
Quoted prices in active
markets (Level 1)		Significant other
observable
Inputs (Level 2)		Significant
unobservable
Inputs (Level 3)
Investments in marketable securities$571 $571 $— $— 
Derivative assets20,433 — 20,433 — 
Derivative liabilities62,007 — 62,007 — 
Contingent consideration liabilities46,750 — — 46,750 
 Total carrying
value at December 31, 2023		Quoted prices in active
markets (Level 1)		Significant other
observable
Inputs (Level 2)		Significant
unobservable
Inputs (Level 3)
Investments in marketable securities$5,306 $5,306 $— $— 
Derivative assets19,449 — 19,449 — 
Derivative liabilities35,303 — 35,303 — 
Contingent consideration liabilities39,486 — — 39,486 
Valuation Techniques
Our financial assets valued based upon Level 1 inputs are comprised of investments in marketable securities held in trust, which are available to satisfy benefit obligations under our benefit plans and other arrangements. The investment assets of the trust are valued using quoted market prices.
Our financial assets and liabilities valued based upon Level 2 inputs are comprised of foreign currency forward contracts and cross-currency interest rate swap agreements. We use foreign currency forward contracts and cross-currency interest rate swap agreements to manage foreign currency transaction exposure as well as exposure to foreign currency denominated monetary assets and liabilities. We measure the fair value of the foreign currency forwards and cross-currency swap agreements by calculating the amount required to enter into offsetting contracts with similar remaining maturities, based on quoted market prices, and taking into account the creditworthiness of the counterparties.
Our financial liabilities valued based upon Level 3 inputs are comprised of contingent consideration arrangements pertaining to our acquisitions.
Contingent consideration
Contingent consideration liabilities, which primarily consist of payment obligations that are contingent upon the achievement of revenue-based goals, but also can be based on other milestones such as regulatory approvals, are remeasured to fair value each reporting period using assumptions including revenue growth rates (based on internal operational budgets and long-range strategic plans), revenue volatility, discount rates, probability of payment and projected payment dates.
We determine the fair value of certain contingent consideration liabilities using a Monte Carlo simulation (which involves a simulation of future revenues during the earn-out period using management's best estimates) or discounted cash flow analysis. Increases in projected revenues, estimated cash flows and probabilities of payment may result in significantly higher fair value measurements; decreases in these items may have the opposite effect. Increases in the discount rates in periods prior to payment may result in significantly lower fair value measurements and decreases in the discount rates may have the opposite effect.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

The table below provides additional information regarding the valuation technique and inputs used in determining the fair value of our significant contingent consideration liabilities.
Contingent Consideration LiabilityValuation TechniqueUnobservable Input
Range (Weighted average)
Revenue-based
Monte Carlo simulationRevenue volatility
17.4% - 30.4% (19.2%)
Risk free rateCost of debt structure
Projected year of payment
2025 - 2026
The following table provides information regarding changes in our contingent consideration liabilities for the nine months ended September 29, 2024:
Contingent consideration
Balance – December 31, 2023
$39,486 
Payments(182)
Revaluations7,446 
Balance – September 29, 2024
$46,750 
Note 10 — Shareholders' equity
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average number of common shares outstanding:
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Basic46,724 46,992 46,995 46,974 
Dilutive effect of share-based awards288 307 261 330 
Diluted47,012 47,299 47,256 47,304 
The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.9 million for the three and nine months ended September 29, 2024 and 0.8 million and 0.7 million for the three and nine months ended October 1, 2023, respectively.
On July 30, 2024, the Board of Directors authorized a share repurchase program for up to $500 million of our common stock. The timing, price and actual number of shares of common stock that may be repurchased under the share repurchase authorization will depend on a variety of factors including price, market conditions and corporate and regulatory requirements. The repurchases may occur in open market transactions, transactions structured through investment banking institutions, in privately negotiated transactions, by direct purchases of common stock or a combination of the foregoing, and the timing and amount of stock repurchased will depend on market and business conditions, applicable legal and credit requirements and other corporate considerations. The authorization of the repurchase program does not constitute a binding obligation to acquire any specific amount of common stock, and the repurchase program may be suspended or discontinued at any time. On August 2, 2024, we entered into an accelerated share repurchase agreement for $200 million of our common stock. Under this agreement, 678,110 shares of common stock, representing 80% of the $200 million aggregate, were delivered and included in treasury stock during the three months ended September 29, 2024. The initial shares received were calculated based on a price per share of $235.95, which was the closing share price of our common stock on August 1, 2024. The total number of shares to be repurchased under the agreement will be based on volume-weighted average prices of our common stock during the accelerated share repurchase period. Based on our calculations to date, we expect to receive additional shares of common stock upon final settlement of the agreement, which will be completed during the fourth quarter of 2024.
The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 29, 2024 and October 1, 2023:
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TELEFLEX INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)

Cash Flow HedgesPension and Other Postretirement Benefit PlansForeign Currency Translation AdjustmentAccumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2023$1,396 $(88,049)$(227,752)$(314,405)
Other comprehensive (loss) income before reclassifications (1)
(6,249)8,280 (23,008)(20,977)
Amounts reclassified from accumulated other comprehensive (loss) income(2,677)79,819 — 77,142 
Net current-period other comprehensive (loss) income(8,926)88,099 (23,008)56,165 
Balance as of September 29, 2024$(7,530)$50 $(250,760)$(258,240)
(1)The foreign currency translation includes a loss of $19.7 million stemming from the measurement period adjustment related to our acquisition of Palette as described in Note 4.
 Cash Flow HedgesPension and Other Postretirement Benefit PlansForeign Currency Translation AdjustmentAccumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2022$4,931 $(135,799)$(272,654)$(403,522)
Other comprehensive income (loss) before reclassifications9,109 (76)(13,368)(4,335)
Amounts reclassified from accumulated other comprehensive income(8,320)4,027 — (4,293)
Net current-period other comprehensive income789 3,951 (13,368)(8,628)
Balance as of October 1, 2023$5,720 $(131,848)$(286,022)$(412,150)
The following table provides information relating to the location in the statements of operations and amount of reclassifications of losses/(gains) in accumulated other comprehensive (loss)/income into (income)/expense, net of tax, for the three and nine months ended September 29, 2024 and October 1, 2023:
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
(Gains) Loss on foreign exchange contracts:
Cost of goods sold$(589)$(3,499)$(2,698)$(8,734)
Total before tax(589)(3,499)(2,698)(8,734)
Taxes7 34 21 414 
Net of tax(582)(3,465)(2,677)(8,320)
Pension and other postretirement benefit items (1):
Actuarial (gains) losses(48)1,851 1,162 5,986 
Prior-service costs(492)(252)(1,475)(756)