Pension and other postretirement benefits (Tables)

12 Months Ended

Dec. 31, 2014

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Net Benefit Cost of Pension and Postretirement Benefit Plans

The following table provides information regarding the net benefit cost of pension and postretirement benefit plans for continuing operations:

	Pension									Other Benefits
	2014			2013			2012			2014			2013		2012
	(Dollars in thousands)
Service cost	$	1,794		$	1,819		$	2,331		$	424		$	663	$	704
Interest cost	18,000			16,842			16,561			2,169			2,707		2,122
Expected return on plan assets	(25,006		)	(23,122		)	(20,245		)	—			—		—
Net amortization and deferral	4,371			5,847			6,474			(7		)	1,348		761
Curtailment gain	—			—			(197		)	—			—		—
Settlement loss	—			—			106			—			—		—
Net benefit cost	$	(841	)	$	1,386		$	5,030		$	2,586		$	4,718	$	3,587

Weighted Average Assumptions used in Determining Net Periodic Benefit Cost

The following table provides the weighted average assumptions for United States and foreign plans used in determining net benefit cost:

	Pension						Other Benefits
	2014		2013		2012		2014		2013		2012
Discount rate	5.0	%	4.3	%	4.3	%	4.7	%	3.8	%	4.0	%
Rate of return	8.3	%	8.3	%	8.3	%	—	%	—	%	—	%
Initial healthcare trend rate	—	%	—	%	—	%	7.5	%	8.2	%	8.5	%
Ultimate healthcare trend rate	—	%	—	%	—	%	5.0	%	5.0	%	5.0	%

The following table provides the weighted average assumptions for United States and foreign plans used in determining benefit obligations:

	Pension				Other Benefits
	2014		2013		2014		2013
Discount rate	4.1	%	5.0	%	4.0	%	4.7	%
Rate of compensation increase	3.0	%	3.0	%	—		—
Initial healthcare trend rate	—		—		7.3	%	7.0	%
Ultimate healthcare trend rate	—		—		5.0	%	5.0	%

Pension and Postretirement Benefit Plans

The following table provides summarized information with respect to the Company’s pension and postretirement benefit plans, measured as of December 31, 2014 and 2013:

	Pension						Other Benefits
	2014			2013			2014			2013
	Under Funded						Under Funded
	(Dollars in thousands)
Benefit obligation, beginning of year	$	367,731		$	397,184		$	52,448		$	55,609
Service cost	1,794			1,819			424			663
Interest cost	18,000			16,842			2,169			2,707
Actuarial loss (gain)	82,922			(30,755		)	1,273			(3,833		)
Currency translation	(2,973		)	861			—			—
Benefits paid	(17,988		)	(17,004		)	(3,287		)	(2,860		)
Medicare Part D reimbursement	—			—			127			162
Administrative costs	(1,522		)	(1,216		)	—			—
Projected benefit obligation, end of year	447,964			367,731			53,154			52,448
Fair value of plan assets, beginning of year	305,481			276,863			—			—
Actual return on plan assets	34,332			28,813			—			—
Contributions	9,539			17,724			—			—
Benefits paid	(17,988		)	(17,004		)	—			—
Settlements paid	—			—			—			—
Administrative costs	(1,522		)	(1,216		)	—			—
Currency translation	(1,012		)	301			—			—
Fair value of plan assets, end of year	328,830			305,481			—			—
Funded status, end of year	$	(119,134	)	$	(62,250	)	$	(53,154	)	$	(52,448	)

Amounts Recognized in the Consolidated Balance Sheet

The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the plans:

	Pension						Other Benefits
	2014			2013			2014			2013
	(Dollars in thousands)
Payroll and benefit-related liabilities	$	(1,779	)	$	(1,819	)	$	(3,268	)	$	(3,381	)
Pension and postretirement benefit liabilities	(117,355		)	(60,431		)	(49,886		)	(49,067		)
Accumulated other comprehensive loss	213,117			144,866			8,353			7,073
	$	93,983		$	82,616		$	(44,801	)	$	(45,375	)

Amounts Recognized in Accumulated Other Comprehensive (Income) Loss

The following tables set forth the amounts recognized in accumulated other comprehensive income (loss) with respect to the plans:

	Pension
	Prior Service Cost (Credit)			Net (Gain) or Loss			Deferred Taxes			Accumulated Other Comprehensive (Income) Loss, Net of Tax
	(Dollars in thousands)
Balance at December 31, 2012	$	216		$	186,700		$	(67,567	)	$	119,349
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral	(34		)	(5,813		)	1,947			(3,900		)
Amounts arising during the period:
Actuarial changes in benefit obligation	—			(36,446		)	13,206			(23,240		)
Impact of currency translation	—			243			(66		)	177
Balance at December 31, 2013	182			144,684			(52,480		)	92,386
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral	(34		)	(4,337		)	1,539			(2,832		)
Amounts arising during the period:
Actuarial changes in benefit obligation	—			73,596			(26,131		)	47,465
Impact of currency translation	—			(974		)	265			(709		)
Balance at December 31, 2014	$	148		$	212,969		$	(76,807	)	$	136,310

	Other Benefits
	Prior Service Cost (Credit)			Initial Obligation			Net (Gain) or Loss			Deferred Taxes			Accumulated Other Comprehensive (Income) Loss, Net of Tax
	(Dollars in thousands)
Balance at December 31, 2012	$	(38	)	$	5		$	12,287		$	(4,346	)	$	7,908
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net Amortization and deferral	55			(5		)	(1,398		)	492			(856		)
Amounts Arising During the period:
Actuarial changes in benefit obligation	—			—			(3,833		)	1,432			(2,401		)
Balance at December 31, 2013	17			—			7,056			(2,422		)	4,651
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net Amortization and deferral	55			—			(48		)	(4		)	3
Amounts Arising During the period:
Actuarial changes in benefit obligation	—			—			1,273			(493		)	780
Balance at December 31, 2014	$	72		$	—		$	8,281		$	(2,919	)	$	5,434

Fair Values of Pension Plan Assets

The following table provides the fair values of the Company’s pension plan assets at December 31, 2014 by asset category:

	Fair Value Measurements
Asset Category (a)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Cash	$	659	$	659	$	—	$	—
Money market funds	31		31		—		—
Equity securities:
Managed volatility (b)	83,068		83,068		—		—
United States small/mid-cap equity (c)	20,312		20,312		—		—
World Equity (excluding United States) (d)	26,064		26,064		—		—
Common Equity Securities – Teleflex Incorporated	13,422		13,422		—		—
Diversified United Kingdom Equity	875		875		—		—
Diversified Global	2,884		2,884		—		—
Emerging Markets	1,266		1,266		—		—
Fixed income securities:
Long duration bond fund (e)	92,553		92,553		—		—
UK corporate bond fund	2,719		2,719		—		—
UK Government bond fund	5,078		5,078		—		—
High yield bond fund (f)	11,618		11,618		—		—
Emerging markets debt fund (g)	8,531				8,531		—
Corporate, government and foreign bonds	81				81		—
Asset backed – home loans	782				782		—
Other types of investments:
Structured credit (h)	31,176				—		31,176
Hedge fund of funds (i)	23,171				—		23,171
UK Property Fund (j)	1,549				1,549		—
Multi asset fund  (k)	2,986		2,986		—		—
Other	5		—		—		5
Total	$	328,830	$	263,535	$	10,943	$	54,352

The following table provides the fair values of the Company’s pension plan assets at December 31, 2013 by asset category:

	Fair Value Measurements
Asset Category (a)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Cash	$	472	$	472	$	—	$	—
Money market funds	310		310		—		—
Equity securities:
Managed volatility (b)	77,140		77,140		—		—
United States small/mid-cap equity (c)	19,760		19,760		—		—
World Equity (excluding United States) (d)	30,183		30,183		—		—
Common Equity Securities – Teleflex Incorporated	10,972		10,972		—		—
Diversified United Kingdom Equity	928		928		—		—
Diversified Global	2,319		2,319		—		—
Emerging Markets	1,270		1,270		—		—
Fixed income securities:
Long duration bond fund (e)	76,608		76,608		—		—
UK corporate bond fund	2,569		2,569		—		—
UK Government bond fund	4,455		4,455		—		—
High yield bond fund (f)	12,754		12,754		—		—
Emerging markets debt fund (g)	9,003		—		9,003		—
Corporate, government and foreign bonds	87		—		87		—
Asset backed – home loans	847		—		847		—
Other types of investments:
Structured credit (h)	29,109		—		—		29,109
Hedge fund of funds (i)	22,540		—		—		22,540
UK Property Fund (j)	1,402		—		1,402		—
Multi asset fund  (k)	2,748		2,748		—		—
Other	5		—		—		5
Total	$	305,481	$	242,488	$	11,339	$	51,654

(a) Information on asset categories described in notes (b)-(k) is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories.

(b) This category comprises mutual funds that invest in securities of United States and non-United States companies of all capitalization ranges that exhibit relatively low volatility.

(c) This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of small and mid-sized companies. The fund invests in common stocks or exchange traded funds holding common stock of United States companies with market capitalizations in the range of companies in the Russell 2500 Index.

(d) This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of foreign companies. These securities may include common stocks, preferred stocks, warrants, exchange traded funds based on an international equity index and derivative instruments whose value is based on an international equity index and derivative instruments whose value is based on an underlying equity security or a basket of equity securities. The fund invests in securities of foreign issuers located in developed and emerging market countries. However, the fund will not invest more than 30% of its assets in the common stocks or other equity securities of issuers located in emerging market countries.

(e) This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including securities issued or guaranteed by the United States Government and its agencies and instrumentalities, corporate bonds, asset-backed securities, exchange traded funds, mortgage-backed securities and collateralized mortgage-backed securities. The fund invests primarily in long duration government and corporate fixed income securities, and uses derivative instruments, including interest rate swap agreements and Treasury futures contracts, for the purpose of managing the overall duration and yield curve exposure of the Fund’s portfolio of fixed income securities.

(f) This category comprises a mutual fund that invests at least 80% of its net assets in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations.

(g) This category comprises a mutual fund that invests at least 80% of its net assets in fixed income securities of emerging market issuers, primarily in United States dollar-denominated debt of foreign governments, government-related and corporate issuers in emerging market countries and entities organized to restructure the debt of those issuers.

(h) This category comprises a fund that invests primarily in collateralized debt obligations (“CDOs”) and other structured credit vehicles. The fund investments may include fixed income securities, loan participants, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments.

(i) This category comprises a hedge fund that invests in various other hedge funds. As of December 31, 2014 and 2013:

• approximately 33% and 28%, respectively, of the assets of the hedge fund were invested in equity hedge based funds, including equity long/short and equity market neutral strategies;

• approximately 10% and 18%, respectively, of the assets were held in tactical/directional based funds, including global macro, long/short equity, commodity and systematic quantitative strategies;

• approximately 24% and 25%, respectively, of the assets were held in relative value based funds, including convertible and fixed income arbitrage, credit long/short and volatility arbitrage strategies;

• approximately 33% and 23%, respectively, of the assets were held in funds with an event driven strategy; and

• approximately 6% of the assets were held in cash as of December 31, 2013.

(j) This category comprises a fund that invests primarily in UK freehold and leasehold property. The fund does not invest in higher risk activities such as developments. The fund may invest in indirect vehicles and property derivatives.

(k) This category comprises a mutual fund that invests primarily in equities, bonds and alternatives.

Reconciliation of Changes in Level 3 Pension Assets Measured at Fair Value on Recurring Basis

The following table provides a reconciliation of changes in pension assets measured at fair value on a recurring basis, using Level 3 inputs, from December 31, 2012 through December 31, 2014:

	(Dollars in thousands)
Balance at December 31, 2012	$	48,198
Unrealized gain on assets	3,456
Balance at December 31, 2013	51,654
Unrealized gain on assets	2,698
Balance at December 31, 2014	$	54,352

Expected Benefit Payments

The following table provides information about the Company’s expected benefit payments for U.S. and foreign plans for each of the five succeeding years and the aggregate of the five years thereafter, net of the annual average Medicare Part D subsidy of approximately $0.2 million:

	Pension		Other Benefits
	(Dollars in thousands)
2015	$	17,841	$	3,268
2016	18,449		3,362
2017	19,023		3,334
2018	19,653		3,367
2019	20,472		3,416
Years 2020 — 2024	114,185		18,229