11-K 1 a202011-k6292021.htm 11-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549



FORM 11-K

(Mark One)

x    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

OR

o    TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________________________ to ______________________________

Commission File Number: 001-05353
____________________

A.Full title of the plan and the address of the plan, if different from that of the issuer named below:

Teleflex 401(k) Savings Plan


B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Teleflex Incorporated
550 East Swedesford Road, Suite 400
Wayne, Pennsylvania 19087




TELEFLEX 401(k) SAVINGS PLAN

AUDITED FINANCIAL STATEMENTS AND SCHEDULE

Years Ended December 31, 2020 and 2019



TABLE OF CONTENTS
Page No.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM1
AUDITED FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits2
Statements of Changes in Net Assets Available for Benefits3
Notes to Financial Statements4
SUPPLEMENTAL SCHEDULE
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)11




Report of Independent Registered Public Accounting Firm

To the Plan Administrator and Plan Participants
Teleflex 401(k) Savings Plan
Wayne, Pennsylvania

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Teleflex 401(k) Savings Plan (the “Plan”) as of December 31, 2020 and 2019, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes and schedules (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the years ended December 31, 2020 and 2019, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Teleflex 401(k) Savings Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2020 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements, but the included supplemental information is required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

We have served as the Plan’s auditor since 2004.

/s/ Maillie LLP
Limerick, Pennsylvania
June 29, 2021
________________
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TELEFLEX 401(k) SAVINGS PLAN
STATEMENTS OF NET ASSETS
AVAILABLE FOR BENEFITS
December 31, 2020 and 2019

20202019
Assets
Cash and cash equivalents$— $5,339 
Investments, at fair value
Registered investment companies459,254,909 388,130,546 
Common stock fund109,110,229 113,433,359 
Investments, at fair value568,365,138 501,563,905 
Investments, at contract value39,089,778 34,756,729 
Total investments607,454,916 536,320,634 
Receivables
Participant loans receivable7,479,426 7,770,393 
Employee contributions receivable640,612 — 
Employer contributions receivable437,804 254,249 
Total receivables8,557,842 8,024,642 
Net assets
Available for benefits$616,012,758 $544,350,615 


























See accompanying notes
-2-
TELEFLEX 401(k) SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
For the years ended December 31, 2020 and 2019

20202019
Additions to net assets
Contributions
Employer $15,312,711 $14,651,682 
Employee28,154,247 25,747,261 
Rollover 7,916,147 6,425,574 
Other contributions12,180 63,147 
Total contributions51,395,285 46,887,664 
Investment income
Interest and dividends13,701,201 15,342,856 
Net appreciation in fair value of investments68,706,701 99,091,398 
Total investment income82,407,902 114,434,254 
Interest Income on participant loans
534,323 531,005 
Total additions134,337,510 161,852,923 
Deductions from net assets
Benefits paid to participants62,265,173 59,879,122 
Administrative fees372,663 534,025 
Other deductions37,531 76,349 
Total deductions62,675,367 60,489,496 
Net increase71,662,143 101,363,427 
Net assets available for benefits
Beginning of year544,350,615 442,987,188 
End of year$616,012,758 $544,350,615 















See accompanying notes

-3-
TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020 and 2019

Note A — General description of the plan and summary of significant accounting policies

General Description of the Plan

A general description of the Teleflex 401(k) Savings Plan (the “Plan”) follows. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General - The Plan is a defined contribution plan, which was implemented effective July 1, 1985. Certain employees of Teleflex Incorporated (the “Company”) or one of its related entities that is a participating employer in the Plan who have attained age 21 are eligible to participate in the Plan. Full-time and part-time employees are eligible to enter the Plan at their date of hire. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

The Plan includes an employee stock ownership plan (ESOP) feature, as defined in Section 4975(e)(7) of the Internal Revenue Code of 1986, as amended (Code). The ESOP feature permits a participant to elect to have any dividend paid on the shares of Company common stock allocated to his or her account either paid in cash or deposited into his or her account in the ESOP portion of the Plan and reinvested in the Company common stock fund.

Safe Harbor Plan/Automatic Contributions - The Plan is intended to satisfy the requirements to be a “qualified automatic contribution arrangement” (QACA) with the meaning of Code Sections 401(k)(13) and 401(m)(12), as well as an “eligible automatic contribution arrangement” (EACA) within the meaning of Code Section 414(w). The EACA permits a penalty-free distribution of “accidental” automatic deferrals made to the Plan within 90 days of the effective date of a participant’s first automatic contribution. The QACA is a safe harbor plan design that allows the Plan to automatically satisfy annual nondiscrimination tests (the actual deferral percentage (ACP) and the actual contribution percentage (ACP) tests.

Under the safe harbor design, once a participant becomes eligible to participate in the Plan, the participant is automatically enrolled at a 3% deferral rate unless opting out of the automatic deferral feature. Thereafter, the automatic deferral percentage increases by 1% each year up to a maximum automatic deferral of 6%. As part of the QACA, the Company makes “Safe Harbor Matching Contributions” in an amount equal to 100% of a participant’s “elective deferral contributions”, described below, up to 5% of the participant’s compensation.”

Contributions - Participants were able to contribute up to the lesser of $19,500 and $19,000 or 50% of their annual compensation during 2020 and 2019, respectively. These contributions are referred to as “elective deferral contributions” and are withheld from participant’s pay on a pre-tax basis for federal income tax and most state income tax purposes. However, participants may designate all or part of their elective deferral contributions as “Roth elective deferral contributions.” Roth elective deferral contributions are made on an after-tax basis for federal income tax purposes.

In addition, participants who reach age 50 or older and contribute the maximum permitted under the Plan may make an additional pre-tax contribution (a “catch-up contribution”) of up to $6,500 and $6,000 during 2020 and 2019, respectively. As with regular elective deferral contributions, participants may elect to designate all or part of their catch-up contributions as after-tax “Roth catch-up contributions.” Participants may also contribute amounts representing distributions from other qualified benefit plans (via a rollover into the Plan). As stated above, the Company makes employer Safe Harbor Matching Contributions equal to 100% of elective deferral contributions (including Roth elective deferral contributions and catch-up contributions) up to 5% of compensation. For purposes of calculating contributions, compensation is limited to a maximum of $285,000 and $280,000 during 2020 and 2019, respectively.

Participant Accounts - Each participant’s account is credited with the participant’s contribution and the employer matching contribution, as well as an allocation of Plan earnings. Participants may access their accounts via a website and toll-free telephone number. Fund transfers and investment election changes may be elected daily or once in a 30-day timeframe depending on fund type. A participant may stop, start, or change their 401(k) salary deferral rate at will.

-4-
TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020 and 2019
Plan Loans - Active employees may elect to take up to two loans from the Plan at any given time. As required by law, a loan amount is limited to the lesser of $50,000 or 50% of the participant’s vested account and must be repaid within five years unless the loan is for the purchase of a primary residence. Loan repayments are processed via payroll deduction on an after-tax basis. The entire unpaid balance on any outstanding loan and all interest due thereon will be processed as a taxable distribution and will reduce the participant’s distributable account balance if any of the following occur: (i) a participant fails to make an installment payment due under the loan by the last day of the calendar quarter following the calendar quarter in which the required installment payment was due; (ii) a participant on a leave of absence has an unpaid amount for a period of a year; or (iii) a participant incurs a severance from employment.

Vesting - Participants are always 100% vested in their own 401(k) elective deferral contributions. With the exception of certain discretionary employer contributions (if any) that become 100% vested after three years of employment, the Company’s Safe Harbor Matching Contributions become 100% vested after two years of employment.

Payment of Benefits - The Plan provides that a participant may elect to withdraw 100% of his or her vested account balance at termination of employment. A participant who is an employee and has attained age 59½ may elect to withdrawal any portion of his non-forfeitable account in accordance with the procedures established by the Plan Administrator. Withdrawals shall be made on a pro-rata basis if a Participant elects to make a withdrawal from more than one sub-account in his account. In addition, a participant may elect a hardship withdrawal, as defined by the Plan, of his or her elective deferral contributions, Roth elective deferral contributions, catch-up contributions and Roth catch-up contributions. A participant may elect to withdraw his or her rollover account at any time.

Forfeitures - Forfeitures of terminated participants’ nonvested accounts are used to pay Plan expenses and reduce the amount of future contributions required to be made to the Plan by the Company and the other participating employers in the Plan. The amount of unallocated forfeitures at December 31, 2020 and 2019 were $189,584 and $189,526, respectively. For the year ended December 31, 2020 and 2019, forfeitures used to offset employer contributions were $741,605 and $501,402, respectively

Plan Termination - Although it has not expressed any intent to do so, the Company has the right to discontinue its contributions at any time and to terminate the Plan at any time, subject to the provisions set forth in ERISA. In the event of Plan termination, distribution of participant accounts shall be in accordance with ERISA and its applicable regulations and Article V of the Plan document.

Plan Amendments - The Company amended and restated the Teleflex 401(k) Savings Plan effective January 1, 2019 to (i) remove union provisions, (ii) remove the 1,000 hours of required work hours for participation for part-timers, (iii) change the minimum participant deferral limit from two percent to one percent, (iv) allow installment payments for certain identified distributions and (v) provide that a participant's death benefit under the Plan is paid as soon as administratively practicable after notification of the participant's death, regardless of whether a spouse beneficiary consents to such payment timing.

On March 27, 2020, the “Coronavirus Aid, Relief, and Economic Security (CARES) Act” was signed into law in the United States. The CARES Act, among other things, includes several relief provisions available to tax-qualified retirement plans and their participants. Participants eligible for the relief include those who (i) are diagnosed with COVID-19, (ii) have a spouse or dependent diagnosed with COVID-19 or (iii) experience certain adverse consequences due to the virus. The plan management has evaluated the relief provisions available under the CARES Act to eligible Plan participants and has implemented the following provision:
•Made available, with no early withdrawal penalty and tax/repayment flexibility, coronavirus-related distributions up to $100,000;
•Increased the available loan amount as described in Note A to the lesser of $100,000 or 100% of the participant's vested account balance;
•Permitted loan repayments originally due on or after March 27, 2020 to be delayed until December 31, 2020; and
•Waived the required minimum distribution for those age 70 ½ and older for 2020.
-5-
TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020 and 2019
Significant Accounting Policies

The significant accounting policies of the Plan employed in the preparation of the accompanying financial statements follow:

Investments - Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan currently offers several mutual funds, a common collective trust, as well as the Company common stock fund as investment options for participants.

Valuation of investments - The Plan’s investments are stated at fair value, except for fully benefit responsive investment contracts, pursuant to the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 820, Fair Value Measurements and Disclosures. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note E for further information on fair value measurements.

The Vanguard Retirement Savings Trusts, as described in Note F, which are fully benefit responsive investment contracts, are reported at contract value. Contract value is the relevant measurement attributable to fully benefit responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. See Note F for further information on fully benefit responsive investment contracts.

Participant Loans Receivable - All transactions are measured at their unpaid principal balance plus any accrued but unpaid interest. Any individual credit risk related to participant loans is mitigated by the fact that these loans are secured by the participant’s vested balance. If a participant were to default, the participant’s account balance would be offset by the unpaid balance of the loan, and the participant would be subject to tax on the unpaid loan balance. As such, the participant is the only party affected in the event of a default.

Revenue Recognition and Method of Accounting - All transactions are recorded on the accrual basis. Purchases and sales of investments are recorded on a trade-date basis. Interest income is accrued when earned. Dividend income is recorded on the ex-dividend date. Capital gain distributions are included in dividend income. Net appreciation (depreciation) includes the gains and losses on investments bought and sold as well as held during the year. Expenses are recorded as incurred.

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts of assets, liabilities and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Reclassifications - Certain reclassifications have been made to the prior year financial information to conform to the current year presentation.

Note B — Administration of the plan

The Plan is administered by a committee of at least three members appointed by the Company’s Board of Directors. The committee is the Plan Administrator and fiduciary for ERISA purposes. The Company appointed Charles Schwab Bank (Schwab) as trustee and third-party administrator of the Plan effective September 30, 2019. Vanguard Fiduciary Trust Company (Vanguard) served as the trustee and third-party administrator of the Plan prior to the appointment of Schwab. Schwab charges a per participant fee for the administrative services that it provides to the Plan. Actively employed participants pay a small portion of the participant fee on a quarterly basis. The Company and any other Company affiliate that participates in the Plan (a "Participating Employer") pay the remaining portion of the fee for participants who are actively employed by the Company or a Participating Employer. Participants who are not actively employed by the Company or a Participating Employer pay the per participant administrative fee from their Plan accounts. Investment management fees charged by each mutual fund are netted against returns. Investment management fees charged by the Vanguard Retirement Savings Trusts, which are common collective investment trusts, are charged to participants with balances in the respective trust.

-6-
TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020 and 2019
Note C — Tax status of the plan

The Plan obtained its latest determination letter on August 4, 2015, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Service Code.

Accounting principles generally accepted in the United States of America require the Plan’s management to evaluate tax positions taken by the Plan and recognize a tax liability or asset if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan Administrator has analyzed the tax positions by the Plan and has concluded that as of December 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or asset or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

Note D — Related party transactions and party in interest transactions

The Plan participants invest in shares of registered investment companies and a collective trust fund managed by affiliates of Vanguard or the trustee. The Plan participants also invest in shares of the Company’s stock through the Teleflex Incorporated common stock fund. The common stock fund held approximately 264,575 and 300,933 shares of the Teleflex Incorporated common stock representing 18% and 21% of Plan assets as of December 31, 2020 and 2019, respectively. These transactions, in addition to participant loan receivables, qualify as party-in-interest transactions and are exempt from the prohibited transactions rules.

Certain administrative functions of the Plan are performed by officers or employees of the Company. No such officer or employee received compensation from the Plan.

Note E — Fair value measurements

FASB ASC 820 establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1 - inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

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 asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

-7-
TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020 and 2019
A summary by level within the fair value hierarchy (as defined above) of the Plan’s investments measured at fair value on a recurring basis is as follows:
Level 1Level 212/31/2020
Registered investment companies$459,254,909 $— $459,254,909 
Company common stock fund— 109,110,229 109,110,229 
Total$459,254,909 $109,110,229 $568,365,138 
Level 1Level 212/31/2019
Registered investment companies$388,130,546 $— $388,130,546 
Company common stock fund— 113,433,359 113,433,359 
Total$388,130,546 $113,433,359 $501,563,905 
The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2020 and December 31, 2019.

Registered investment companies are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year end.

The Company common stock fund is valued at the combined market value of the underlying stock based upon the closing price of the stock on its primary exchange times the number of shares held and the short-term cash component at year end.

Note F — Vanguard retirement savings trusts

As of December 31, 2020, and 2019 a portion of the Plan’s investments were in the Vanguard Retirement Savings Trust III (savings trust referred collectively as the “common collective trusts” or the "Vanguard Trusts"). The underlying investments in the common collective trusts are primarily in a pool of investment contracts that are issued by insurance companies and commercial banks and in contracts that are backed by high-quality bonds, bond trusts and bond mutual funds. These contracts meet the fully benefit responsive investment contract criteria and therefore are presented at contract value in determining the net assets available for benefits. Contract value represents contributions made under the contract, plus earnings, less withdrawals. The contract value is based on the net asset value of the fund as reported by Vanguard, the trustee, and is determined based on the units of the common collective trust fund held by the Plan at year end times the respective unit value. Investment contracts include traditional guaranteed investment contracts (GICs), synthetic investment contracts (SICs) including wrapper contracts, and short term investments such as a money market fund. The following represents the disaggregation of investments by type of investment contract included in the common collective trusts:
20202019
Guaranteed investment contracts$1,095,219 $1,573,580 
Synthetic investment contracts37,046,478 32,322,364 
Short term investments1,209,586 882,685 
Other liabilities(261,505)(21,900)
Investments, at contract value$39,089,778 $34,756,729 
Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment in the Vanguard Trusts at contract value daily without any redemption notice or restrictions. Plan level initiated transactions require a twelve month redemption notice in order to withdrawal at contract value. Plan level initiated transactions with less than a twelve month redemption notice may incur an adjustment to contract value.

The existence of certain conditions can limit the trust’s ability to transact at contract value with issuers of its investment contracts. Specifically, any event outside the normal operation of the common collective trusts that
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TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020 and 2019
causes a withdrawal from an investment contract may result in a negative market value adjustment with respect to the withdrawal. Examples of such events include, but are not limited to, partial or complete legal termination of the trust or a unitholder, tax disqualification of the trust or unitholder, and certain trust amendments if issuers’ consent is not obtained. As of December 31, 2020, the occurrence of an event outside the normal operation of the trust that would cause a withdrawal from an investment contract is not considered to be probable.
In general, issuers may terminate the contract and settle at other than contract value if there is a change in the qualification status of a participant, employer, or plan, a breach of material obligations under the contract and misrepresentation by the contract holder, or failure of the underlying portfolio to conform to the pre-established investment guidelines.

Note G — Risks and uncertainties

Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risks. Due to the level of risk associated with certain investments securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits.

On March 11, 2020, the World Health Organization declared the global outbreak of COVID-19 to be a pandemic. The COVID-19 pandemic has significantly impacted economic activity and markets around the world. The COVID-19 pandemic has also led to extreme volatility in financial markets and has affected, and may continue to affect, the market price of the Company’s common stock and other Plan assets. The economic impact brought by and the duration of the pandemic is difficult to assess and will depend on future developments that are highly uncertain and cannot be predicted.

Note H — Subsequent events

On April 1, 2021, the Company approved an amendment to the Plan to allow all employees from Z-Medica, LLC (“Z-Medica"), which was acquired on December 28, 2020, to participate in the Teleflex 401(k) Savings Plan. All Z-Medica employees who met the Company's eligibility criteria were eligible to participate in the Plan and were provided an option to rollover their Z-Medica 401(k) Retirement and Savings Plan assets into the Plan. The amendment also provided for accelerated vesting of certain discretionary employer contributions for active participants associated with certain past acquisitions, including Z-Medica.
-9-













Supplemental Schedule

-10-
TELEFLEX 401(k) SAVINGS PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
Year Ended December 31, 2020
Plan EIN# 23-1147939, Plan 010

(b)
Identity of Issuer, Borrower,(c)(e)
(a)Lessor, or Similar PartyDescription of InvestmentCurrent Value
American Funds New Perspective Fund; Class R-6Registered Investment Company$3,493,716 
American Funds New World Fund; Class R6Registered Investment Company1,902,912 
Delaware Value Fund; Class R6Registered Investment Company12,084,216 
JPMorgan Small Cap Equity Fund; Class R6Registered Investment Company4,583,620 
Metropolitan West Total Return Bond Fund; P ClassRegistered Investment Company4,550,978 
Vanguard Explorer Fund: Admiral SharesRegistered Investment Company11,687,949 
Vanguard Extended Market Index Fund: Admiral SharesRegistered Investment Company7,294,964 
Vanguard Federal Money Market FundRegistered Investment Company10,767,558 
Vanguard Inflation-Protected Securities Fund: Admiral SharesRegistered Investment Company1,517,615 
Vanguard Institutional Target Retirement 2015 FundRegistered Investment Company4,531,858 
Vanguard Institutional Target Retirement 2020 FundRegistered Investment Company9,947,814 
Vanguard Institutional Target Retirement 2025 FundRegistered Investment Company29,863,983 
Vanguard Institutional Target Retirement 2030 FundRegistered Investment Company30,148,534 
Vanguard Institutional Target Retirement 2035 FundRegistered Investment Company48,509,881 
Vanguard Institutional Target Retirement 2040 FundRegistered Investment Company29,638,324 
Vanguard Institutional Target Retirement 2045 FundRegistered Investment Company31,911,981 
Vanguard Institutional Target Retirement 2050 FundRegistered Investment Company20,292,694 
Vanguard Institutional Target Retirement 2055 FundRegistered Investment Company14,523,807 
Vanguard Institutional Target Retirement 2060 FundRegistered Investment Company5,259,366 
Vanguard Institutional Target Retirement 2065 FundRegistered Investment Company302,394 
Vanguard Institutional Target Retirement Income FundRegistered Investment Company1,996,943 
Vanguard Institutional Index FundRegistered Investment Company35,105,609 
Vanguard International Growth: Admiral SharesRegistered Investment Company22,831,392 
Vanguard Real Estate Index: Admiral SharesRegistered Investment Company1,190,280 
Vanguard Small-Cap Index Fund: Admiral SharesRegistered Investment Company2,915,989 
Vanguard Strategic Equity FundRegistered Investment Company11,454,873 
Vanguard Total Bond Market Index Fund Institutional SharesRegistered Investment Company15,530,713 
Vanguard Total International Stock Index Fund Institutional SharesRegistered Investment Company11,667,308 
Vanguard Total World Stock Index Fund: Admiral SharesRegistered Investment Company2,056,899 
Vanguard US Growth Admiral SharesRegistered Investment Company41,835,619 
Vanguard Wellington Fund Admiral SharesRegistered Investment Company29,855,120 
*Teleflex Stock FundUnitized Stock Fund109,110,229 
Vanguard Retirement Savings Trust IIICommon Collective Trust39,089,778 
*Participant Loans, 4.5% to 11.0%Participant Loans with various maturities through October 20507,479,426 
$614,934,342 
*Party-in-interest.
Cost information not required as all investments are participant-directed.
-11-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
Teleflex 401(k) Savings Plan
By:/s/ Cameron P. Hicks
Cameron P. Hicks
Vice President, Global Human Resources
Dated: June 29, 2021



INDEX TO EXHIBITS
 
Exhibit No.Description
23.1-Consent of Independent Registered Public Accounting Firm