Financial Analysis

"Acquisitions BIOTRONIK Vascular Intervention acquisition In the third quarter of 2025, we completed the acquisition of substantially all of the Vascular Intervention business of BIOTRONIK SE & Co. KG (the ""VI Business""). The acquisition adds a broad suite of coronary and peripheral medical devices, such as drug-coated balloons, stents, and balloon catheters, which complements our interventional product portfolio. Under the terms of the acquisition agreement, we acquired the VI Business for a net initial cash payment of 704.3 million, or $825.2 million, subject to certain working capital and other customary adjustments. The initial payment, along with transaction-related costs and other associated requirements, was financed through $700 million of borrowings under a delayed draw term loan facility as well as $140 million of borrowings under our revolving credit facility. In connection with the acquisition, we also entered into several ancillary agreements with BIOTRONIK SE & Co. KG to help facilitate business continuity and the integration of the business. These agreements primarily relate to transition support and distribution services and have varying durations extending up to 36 months. We account for these services separately from the business combination, as they were negotiated primarily to benefit Teleflex and do not represent part of the consideration transferred for the acquisition. The operating results associated with these agreements are included in sell …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and contingent liabilities Environmental: We are subject to contingencies as a result of environmental laws and regulations that in the future may require us to take further action to correct the effects on the environment of prior disposal practices or releases of chemical or petroleum substances by us or other parties. Much of this liability results from the U.S. Comprehensive Environmental Response, Compensation and Liability Act, often referred to as Superfund, the U.S. Resource Conservation and Recovery Act and similar state laws. These laws require us to undertake certain investigative and remedial activities at sites where we conduct or once conducted operations or at sites where Company-generated waste was disposed. Remediation activities vary substantially in duration and cost from site to site. The nature of these activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, the regulatory agencies involved and their enforcement policies, as well as the presence or absence of other potentially responsible parties. At December 31, 2025 and 2024, we have recorded $0.5 million in accrued liabilities and $3.2 million and $3.4 million, respectively in other liabilities relating to these matters. Considerable uncertainty exists with respect to these liabilities, and if adverse changes in circumstances occur, potential liability may exceed the amount accrued as of December 31, 2025. The time frame o …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Borrowings Our borrowings at December 31, 2025 and 2024 were as follows: 2025 2024 Senior Credit Facility, at a rate of 5.19% at December 31, 2025 and 5.71% at December 31,2024, due 2027: Revolving credit facility $ 425,000 $ 113,000 Term loan facility 450,000 475,000 Delayed draw term loan 700,000 4.625% Senior Notes due 2027 500,000 500,000 4.25% Senior Notes due 2028 500,000 500,000 Securitization program, at a rate of 4.54% at December 31, 2025 and 5.18% at December 31, 2024 75,000 75,000 2,650,000 1,663,000 Less: Unamortized debt issuance costs (8,551) (7,129) 2,641,449 1,655,871 Current portion of borrowings (100,000) (100,000) Long-term borrowings $ 2,541,449 $ 1,555,871 Senior credit facility In 2022, we amended and restated our existing credit agreement by entering into a Third Amended and Restated Credit Agreement (the Credit Agreement) which provides for a five-year revolving credit facility of $1.0 billion and a term loan facility of $500.0 million. The obligations under the Credit Agreement are guaranteed (subject to certain exceptions and limitations) by substantially all of our material domestic subsidiaries. The obligations under the Credit Agreement are secured, subject to certain exceptions and limitations, by a lien on substantially all of the assets owned by us and each guarantor. The maturity date of the revolving credit facility and the term loan facility under the Credit Agreement is November 4, 2027. In February 2025, we entered into an amendment to o …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table disaggregates revenue by global product category for the years ended December 31, 2025, 2024 and 2023. Year Ended December 31, 2025 2024 2023 Vascular (1) $ 917,731 $ 903,512 $ 841,114 Interventional (1) 647,792 397,340 407,251 Surgical 418,155 404,869 388,325 Other (2) 9,035 (6,175) 75,751 Net revenues (3) $ 1,992,713 $ 1,699,546 $ 1,712,441 (1) During the fourth quarter of 2025, and in conjunction with the Strategic Divestitures classified as discontinued operations, we are combining the portion of our historically presented Anesthesia product category that is not part of the disposal group with our Vascular product category. In addition, we made certain immaterial reclassifications between our Interventional and Vascular product categories. Prior period net revenues have been recast to conform to the new presentation. (2) Includes adjustments in our reserves related to the Italian payback measure pertaining to prior years (see Note 17 for additional information) and revenues generated under the manufacturing and supply transition agreement related to our Respiratory business divestiture that ended in 2023. (3) The product categories listed above are presented on a global basis, as each of our reportable segments is defined based on the geographic location of its operations.

DisaggregationOfRevenueTableTextBlock

"Stock compensation plans In May 2023, our stockholders approved the Teleflex Incorporated 2023 Stock Incentive Plan (the ""Plan), The Plan provides for several different kinds of awards, including stock options, stock appreciation rights, stock awards, stock unit awards and other stock-based awards to directors, officers and key employees. Under the Plan, the Company is authorized to issue up to 4.3 million shares of common stock, subject to adjustment in accordance with special share counting rules in the Plan. Options granted under the Plan have an exercise price equal to the closing price of the Company's common stock on the date of the grant. In 2025, we granted incentive and non-qualified options to purchase 218,937 shares of common stock and granted restricted stock units representing 165,290 shares of common stock under the Plan. Under our equity incentive program, we issue performance share units (""PSUs"") designed to further incentivize our senior management with respect to the achievement of our long term financial objectives. The PSU component of the equity incentive program is designed to provide shares of our common stock to the holder based upon our achievement of certain financial performance criteria during a designated performance period of three years. The number of shares to be awarded under the PSUs granted are subject to modification based upon our total stockholder return relative to a designated group of public companies. Assuming target performance i …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Fair value measurement Fair value is the price that would be received from the sale of an asset or paid to transfer a liability, using assumptions that market participants would use in pricing an asset or liability. Under GAAP, there is a three-level hierarchy of the inputs (i.e., assumptions that market participants would use in pricing an asset or liability) used to measure fair value. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the entire fair value measurement. The levels of inputs within the hierarchy used to measure fair value are as follows: Level 1 inputs to the fair value measurement that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs to the fair value measurement that include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 inputs to the fair value measurement that are unobservable inputs for the asset or liability. The following tables provide information regarding our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024: Basis of fair value measurement December 31, 2025 (Level …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and other intangible assets Changes in the carrying amount of goodwill, by reportable operating segment, for the years ended December 31, 2025 and 2024 were as follows: Americas EMEA Asia Total Balance as of December 31, 2023 Goodwill $ 1,379,885 $ 428,531 $ 216,310 $ 2,024,726 Translation and other adjustments (2,971) (19,450) (10,127) (32,548) Balance as of December 31, 2024 1,376,914 409,081 206,183 1,992,178 Goodwill related to acquisitions 7,189 215,897 36,022 259,108 Translation and other adjustments 3,195 44,134 6,435 53,764 Balance as of December 31, 2025 $ 1,387,298 $ 669,112 $ 248,640 $ 2,305,050 Intangible assets at December 31, 2025 and 2024 consisted of the following: Gross Carrying Amount Accumulated Amortization 2025 2024 2025 2024 Customer relationships $ 1,209,683 $ 1,021,684 $ (549,856) $ (488,792) In-process research and development 6,417 23,666 Intellectual property 1,272,532 1,041,824 (712,848) (563,080) Distribution rights 11,036 15,266 (10,939) (15,169) Trade names 349,814 344,646 (51,689) (31,625) Non-compete agreements 19,858 19,816 (19,858) (19,816) $ 2,869,340 $ 2,466,902 $ (1,345,190) $ (1,118,482) As of December 31, 2025, trade names having a carrying value of $239.3 million are considered indefinite-lived. Acquired IPR&D is indefinite-lived until the completion of the related development project, at which point amortization of the carrying value of the technology will commence. We test the recoverability of long-lived assets annually …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income taxes The following table summarizes the components of the provision for income taxes from continuing operations: 2025 2024 2023 Current: Federal $ 33,589 $ 40,495 $ 27,791 State 7,632 12,035 5,918 Non-U.S. 27,258 29,727 17,765 Deferred: Federal (63,445) (85,114) (16,484) State (5,584) (9,386) 5,069 Non-U.S. (33,427) (18,658) 1,814 $ (33,977) $ (30,901) $ 41,873 At December 31, 2025, the cumulative unremitted earnings of subsidiaries outside the U.S. that are considered non-permanently reinvested and for which taxes have been provided approximated $2.8 billion. At December 31, 2025, no cumulative unremitted earnings of subsidiaries outside the U.S. are considered permanently reinvested. The following table summarizes the U.S. and non-U.S. components of income from continuing operations before taxes: 2025 2024 2023 U.S. $ (40,445) $ (85,873) $ (33,600) Non-U.S. 64,998 112,163 218,990 $ 24,553 $ 26,290 $ 185,390 Reconciliations between the statutory federal income tax rate and the effective income tax rate are as follows: Year Ended December 31, 2025 Amount Percent Federal statutory rate $ 5,156 21.0 % State taxes, net of federal benefit (1) 1,373 5.6 % Foreign tax effects Cyprus Net deduction on equity (10,701) (43.6) % Statutory tax rate difference between Cyprus and United States (10,500) (42.8) % Other (473) (1.9) % Ireland Nontaxable or Nondeductible Items 2,642 10.8 % Group Relief (2,574) (10.5) % Other (1,463) (6.0) % Mexico Withholding taxes (3,291) (13.4) % Oth …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases We have operating leases for various types of properties, consisting of manufacturing plants, engineering and research centers, distribution warehouses, offices and other facilities, and equipment used in operations. Some leases provide us with an option, exercisable at our sole discretion, to terminate the lease or extend the lease term for one or more years. When measuring assets and liabilities arising from a lease that provides us with an option to extend the lease term, we take into account payments to be made in the optional extension period when it is reasonably certain that we will exercise the option. Total lease cost (all of which related to operating leases) was $26.2 million, $24.1 million and $26.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. Maturities of lease liabilities December 31, 2025 2026 $ 24,846 2027 23,902 2028 22,010 2029 17,722 2030 11,910 2031 and thereafter 18,686 Total lease payments 119,076 Less: interest (14,240) Present value of lease liabilities $ 104,836 Supplemental information December 31, 2025 December 31, 2024 Total lease liabilities (1) $ 104,836 $ 102,569 Cash paid for amounts included in the measurement of lease liabilities within operating cash flows $ 22,082 $ 20,489 Right of use assets obtained in exchange for operating lease obligations $ 15,717 $ 3,028 Weighted average remaining lease term 5.5 years 6.5 years Weighted average discount rate 4.5 % 4.5 % (1) The current portion of the operating l …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently issued accounting standards 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. We adopted the new standard for the fiscal year ended December 31, 2025 using a prospective transition approach. Additional information and disclosures required by the new guidance are provided in Note 16. In November 2024, the FASB issued new guidance designed to enhance disclosures regarding the nature of expenses included in the income statement. The guidance requires tabular disclosures that disaggregate information about prescribed expense categories within relevant income statement expense captions. The guidance is effective for all fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027. The new standard can be adopted on a prospective basis with an option 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 September 2025, the FASB issued new guidance designed to clarify and modernize the accounting for costs related to internal-use software. The updated guidance is intended to provide enhanced transparency and consistency in the capitalization and expensing of software development costs, particularly in incremen …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Net Revenues The following table disaggregates revenue by global product category for the years ended December 31, 2025, 2024 and 2023. Year Ended December 31, 2025 2024 2023 Vascular (1) $ 917,731 $ 903,512 $ 841,114 Interventional (1) 647,792 397,340 407,251 Surgical 418,155 404,869 388,325 Other (2) 9,035 (6,175) 75,751 Net revenues (3) $ 1,992,713 $ 1,699,546 $ 1,712,441 (1) During the fourth quarter of 2025, and in conjunction with the Strategic Divestitures classified as discontinued operations, we are combining the portion of our historically presented Anesthesia product category that is not part of the disposal group with our Vascular product category. In addition, we made certain immaterial reclassifications between our Interventional and Vascular product categories. Prior period net revenues have been recast to conform to the new presentation. (2) Includes adjustments in our reserves related to the Italian payback measure pertaining to prior years (see Note 17 for additional information) and revenues generated under the manufacturing and supply transition agreement related to our Respiratory business divestiture that ended in 2023. (3) The product categories listed above are presented on a global basis, as each of our reportable segments is defined based on the geographic location of its operations.

RevenueFromContractWithCustomerTextBlock

"Business segments and other information An operating segment is a component (a) that engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the chief operating decision maker, (in our case, our Interim President and Chief Executive Officer) to make decisions about resources to be allocated to the segment and to assess its performance, and (c) for which discrete financial information is available. The chief operating decision maker utilizes segment operating profit to evaluate operating expenses through a comparison of budget to actual results as well as an analysis of operating expenses as a percentage of revenue. We do not evaluate our operating segments using discrete asset information. We have three reportable segments: Americas, EMEA (Europe, the Middle East and Africa) and Asia (Asia Pacific). Our reportable segments primarily design, manufacture and distribute medical devices primarily used in critical care and surgical applications and generally serve hospitals and healthcare providers. The products of these segments are most widely used in high-acuity emergent procedures and in general and specialty surgical applications. The following tables present our segment results for the years ended December 31, 2025, 2024 and 2023: 2025 Americas EMEA Asia Segment Total Net revenues $ 1,279,197 $ 472,411 $ 241,105 $ 1,992,713 Cost of goods sold 471,570 229,771 118,086 819,427 Research and develop …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of significant accounting policies Consolidation: The consolidated financial statements include the accounts of Teleflex Incorporated and its subsidiaries (referred to herein as we, us, our and Teleflex""). Intercompany transactions are eliminated in consolidation. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (""GAAP"") and reflect managements estimates and assumptions that affect the recorded amounts. For the periods ending prior to December 31, 2025, our fiscal calendar consisted of a modified 5-4-4 calendar, reflecting a fiscal year ending on December 31. Beginning on January 1, 2026, we transitioned to a calendar-based month fiscal calendar. This change will be applied prospectively and will not affect 2025 as the year end reporting date remains unchanged. While the change will impact year-over-year comparability for fiscal quarters, we do not expect the effect to be significant to require adjustments to prior operating results. We believe this transition offers significant benefits, including improved alignment with peer companies and enhanced quarter-over-quarter comparability on a forward-looking basis. Use of estimates: The preparation of 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 dat …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Shareholders' equity Our authorized capital is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Our diluted earnings per share calculation follows the control number concept, using income from continuing operations as the control number to assess whether potential common stock equivalents are dilutive. Once these securities are determined to be dilutive for continuing operations, the same weighted-average dilutive share equivalents must be included in the diluted earnings per share calculations for all other categories of income or loss, even when their inclusion is anti-dilutive for those categories. The following table provides a reconciliation of basic to diluted weighted average shares outstanding: 2025 2024 2023 Basic 44,622 46,837 46,981 Dilutive effect of share based awards 102 257 323 Diluted 44,724 47,094 47,304 Weighted average shares that were antidilutive and therefore excluded from the calculation of diluted earnings per share were 1.3 million, 0.9 million, and 0.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. On July 30, 2024, the Board of Directors authorized a share repurchase program for up to $500 million of our common stock. On February 28, 2025, we executed an accelerated share repur …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent events CEO departure On January 8, 2026, we announced the departure of our Chairman, President and Chief Executive Officer, Liam J. Kelly, and the appointment of Stuart A. Randle as Interim President and Chief Executive Officer. In connection with Mr. Kellys departure as President and Chief Executive Officer, the Board appointed Stephen K. Klasko, M.D., a current independent director who had been serving as our Lead Director, to serve as the independent Chair of the Board. In connection with Mr. Kelly's departure, Mr. Kelly will receive benefits and payments as provided under his employment agreement with the Company dated as of March 31, 2017, and as a result, we expect to recognize a charge of approximately $2.5 million in the first quarter of 2026. Strategic Divestitures restructuring plan During the first quarter of 2026, in connection with the Strategic Divestitures, we initiated a multi-year restructuring plan intended to align our global organizational structure and supply chain infrastructure amongst our remaining businesses. The plan is designed to eliminate stranded costs, streamline global operations, and improve our long-term cost structure, primarily through workforce reductions and capital assets rationalization. These actions, some of which we expect to occur upon exit of the transition services agreements and other arrangements negotiated in connection with the Strategic Divestitures, are expected to be substantially completed by mid-2028. The follo …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Commitments and contingent liabilities Environmental: We are subject to contingencies as a result of environmental laws and regulations that in the future may require us to take further action to correct the effects on the environment of prior disposal practices or releases of chemical or petroleum substances by us or other parties. Much of this liability results from the U.S. Comprehensive Environmental Response, Compensation and Liability Act, often referred to as Superfund, the U.S. Resource Conservation and Recovery Act and similar state laws. These laws require us to undertake certain investigative and remedial activities at sites where we conduct or once conducted operations or at sites where Company-generated waste was disposed. Remediation activities vary substantially in duration and cost from site to site. The nature of these activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, the regulatory agencies involved and their enforcement policies, as well as the presence or absence of other potentially responsible parties. At June 30, 2026, we have recorded $0.6 million and $3.2 million in accrued liabilities and other liabilities, respectively, relating to these matters. Considerable uncertainty exists with respect to these liabilities and, if adverse changes in circumstances occur, the potential liability may exceed the amount accrued as of June 30, 2026. The time frame over which the accrued amount …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Borrowings Our borrowings at June 30, 2026 and December 31, 2025 were as follows: June 30, 2026 December 31, 2025 Senior Credit Facility (at a rate of 4.96% at June 30, 2026): Revolving credit facility $ 550,000 $ 425,000 Term A-1 loan facility 500,000 450,000 Term A-2 loan facility 700,000 700,000 4.625% Senior Notes due 2027 500,000 4.250% Senior Notes due 2028 500,000 500,000 5.875% Senior Notes due 2032 500,000 Securitization program, at a rate of 4.50% at June 30, 2026 75,000 75,000 2,825,000 2,650,000 Less: Unamortized debt issuance costs (16,991) (8,551) 2,808,009 2,641,449 Current portion of borrowings (87,500) (100,000) Long-term borrowings $ 2,720,509 $ 2,541,449 Senior credit facility On May 26, 2026, we entered into a new Credit Agreement (the Credit Agreement), which effectuated the refinancing of the Companys previously existing credit agreement evidenced in that certain Third Amended and Restated Credit Agreement, dated as of November 4, 2022 (as amended prior to the date hereof). The Credit Agreement provides for, among other things, a five-year revolving credit facility of $1.0 billion, a term A-1 loan facility of $500.0 million and a term A-2 loan facility of $700.0 million. The obligations under the Credit Agreement are guaranteed (subject to certain exceptions and limitations) by substantially all of our material domestic subsidiaries. The obligations under the Credit Agreement are secured, subject to certain exceptions and limitations, by a lien on subst …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table disaggregates revenue by global product category for the three and six months ended June 30, 2026 and June 29, 2025. Three Months Ended Six Months Ended June 30, 2026 June 29, 2025 June 30, 2026 June 29, 2025 Vascular $ 246,337 $ 225,908 $ 483,149 $ 445,039 Interventional 211,874 113,853 416,530 214,004 Surgical 112,121 102,764 218,915 197,740 Net revenues (1) $ 570,332 $ 442,525 $ 1,118,594 $ 856,783 (1) The product categories listed above are presented on a global basis, while our reportable segments are defined based on the geographic location of its operations.

DisaggregationOfRevenueTableTextBlock

"Fair value measurement The following tables provide information regarding our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025: Total carrying value at June 30, 2026 Quoted prices in active markets (Level 1) Significant other observable Inputs (Level 2) Significant unobservable Inputs (Level 3) Investments in marketable securities $ 26,443 $ 26,443 $ $ Derivative assets 29,326 29,326 Derivative liabilities 66,954 66,954 Contingent consideration liabilities 47,412 47,412 Total carrying value at December 31, 2025 Quoted prices in active markets (Level 1) Significant other observable Inputs (Level 2) Significant unobservable Inputs (Level 3) Investments in marketable securities $ 32,830 $ 32,830 $ $ Derivative assets 31,879 31,879 Derivative liabilities 134,254 134,254 Contingent consideration liabilities 50,218 50,218 Valuation Techniques Our financial assets valued based upon Level 1 inputs consist of investments in marketable securities, including money market funds. The investment assets 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 lia …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and other intangible assets The following table provides information relating to changes in the carrying amount of goodwill by reportable operating segment for the six months ended June 30, 2026: Americas EMEA Asia Total December 31, 2025 $ 1,387,298 $ 669,112 $ 248,640 $ 2,305,050 Goodwill related to acquisitions 990 1,108 2,098 Currency translation adjustment 453 (15,089) (77) (14,713) June 30, 2026 $ 1,387,751 $ 655,013 $ 249,671 $ 2,292,435 The gross carrying amount of, and accumulated amortization relating to, intangible assets as of June 30, 2026 and December 31, 2025 were as follows: Gross Carrying Amount Accumulated Amortization June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Customer relationships $ 1,204,559 $ 1,209,683 $ (578,478) $ (549,856) In-process research and development 6,417 6,417 Intellectual property 1,268,212 1,272,532 (747,155) (712,848) Distribution rights 10,883 11,036 (10,787) (10,939) Trade names 348,555 349,814 (53,537) (51,689) Non-compete agreements 19,839 19,858 (19,839) (19,858) $ 2,858,465 $ 2,869,340 $ (1,409,796) $ (1,345,190) …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Taxes on income from continuing operations Three Months Ended Six Months Ended June 30, 2026 June 29, 2025 June 30, 2026 June 29, 2025 Effective income tax rate 7.5% 3.5% 10.6% 6.9% The effective income tax rate for the three and six months ended June 30, 2026 reflects income tax benefits associated with the Strategic Divestitures restructuring plan and the VI Business integration plan. Additionally, the effective income tax rate for the six months ended June 30, 2026 reflects a net cost related to share-based compensation. The effective income tax rate for the three and six months ended June 29, 2025 reflects a non-taxable favorable adjustment incurred in relation to foreign currency exchange rates, largely stemming from non-designated foreign currency forward contracts designed to hedge against the cash consideration for the VI Business acquisition. The effective income tax rates for all periods reflect a tax benefit from research and development tax credits. A significant number of jurisdictions, including EU member states, have enacted legislation to establish a 15% global minimum tax in accordance with both the established Pillar Two framework and guidance subsequently published by the Organization for Economic Co-operation and Development (the ""OECD""). On January 5, 2026, the OECD/G20 released the Side-by-Side package (""SbS""), implemented as administrative guidance and modifying the operation of Pillar Two rules. The SbS package introduces simplifications and new s …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing