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Pension and other postretirement benefits (Tables)
 12 Months Ended
Dec. 31, 2016
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 components of the net benefit expense (income) of the Company's pension and postretirement benefit plans:
 
 
Pension
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
(Dollars in thousands)
Service cost
$
2,615

 
$
1,880

 
$
1,794

 
$
355

 
$
495

 
$
424

Interest cost
15,711

 
17,948

 
18,000

 
1,595

 
1,967

 
2,169

Expected return on plan assets
(24,786
)
 
(25,940
)
 
(25,006
)
 
—

 
—

 
—

Net amortization and deferral
6,567

 
6,159

 
4,371

 
454

 
216

 
(7
)
Net benefit expense (income)
$
107

 
$
47

 
$
(841
)
 
$
2,404

 
$
2,678

 
$
2,586
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, 2016 and 2015:
 
 
Pension
 
Other Benefits
 
2016
 
2015
 
2016
 
2015
 
Under Funded
 
Under Funded
 
(Dollars in thousands)
Benefit obligation, beginning of year
$
421,736

 
$
447,964

 
$
48,616

 
$
53,154

Service cost
2,615

 
1,880

 
355

 
495

Interest cost
15,711

 
17,948

 
1,595

 
1,967

Actuarial loss (gain)
16,315

 
(22,880
)
 
646

 
(3,914
)
Currency translation
(4,300
)
 
(2,721
)
 
—

 
—

Benefits paid
(18,887
)
 
(18,682
)
 
(3,946
)
 
(3,216
)
Medicare Part D reimbursement
—

 
—

 
221

 
130

Curtailments
(23
)
 
—

 
—

 
—

Administrative costs
(2,593
)
 
(1,773
)
 
—

 
—

Projected benefit obligation, end of year
430,574

 
421,736

 
47,487

 
48,616

Fair value of plan assets, beginning of year
315,951

 
328,830

 
 
 
 
Actual return on plan assets
36,620

 
(4,460
)
 
 
 
 
Contributions
12,752

 
12,797

 
 
 
 
Benefits paid
(18,887
)
 
(18,682
)
 
 
 
 
Administrative costs
(2,593
)
 
(1,773
)
 
 
 
 
Currency translation
(3,578
)
 
(761
)
 
 
 
 
Fair value of plan assets, end of year
340,265

 
315,951

 
 
 
 
Funded status, end of year
$
(90,309
)
 
$
(105,785
)
 
$
(47,487
)
 
$
(48,616
)
Amounts Recognized in the Consolidated Balance Sheet
The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the Company's pension and postretirement plans:
 
 
Pension
 
Other Benefits
 
2016
 
2015
 
2016
 
2015
 
(Dollars in thousands)
Other assets
$
106


$
—


$
—


$
—

Payroll and benefit-related liabilities
(1,640
)
 
(1,653
)
 
(3,200
)
 
(3,307
)
Pension and postretirement benefit liabilities
(88,775
)
 
(104,132
)
 
(44,287
)
 
(45,309
)
Accumulated other comprehensive loss
209,785

 
213,301

 
4,415

 
4,223

 
$
119,476

 
$
107,516

 
$
(43,072
)
 
$
(44,393
)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss
The following tables set forth the amounts recognized in accumulated other comprehensive loss with respect to the plans:
 
Pension
 
Prior Service
Cost
 
Net (Gain)
or Loss
 
Deferred
Taxes
 
Accumulated
Other
Comprehensive
Loss,
Net of Tax
 
(Dollars in thousands)
Balance at December 31, 2014
$
148

 
$
212,969

 
$
(76,807
)
 
$
136,310

Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
 
 
 
 
 
 
 
Net amortization and deferral
(35
)
 
(6,124
)
 
2,164

 
(3,995
)
Amounts arising during the period:
 
 
 
 
 
 
 
Actuarial changes in benefit obligation
—

 
7,520

 
(2,928
)
 
4,592

Impact of currency translation
—

 
(1,177
)
 
316

 
(861
)
Balance at December 31, 2015
113

 
213,188

 
(77,255
)
 
136,046

Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
 
 
 
 
 
 
 
Net amortization and deferral
(34
)
 
(6,533
)
 
2,339

 
(4,228
)
Amounts arising during the period:
 
 
 
 
 
 
 
Actuarial changes in benefit obligation
—

 
4,481

 
(1,603
)
 
2,878

Curtailments
—

 
(23
)
 
6

 
(17
)
Impact of currency translation
—

 
(1,407
)
 
373

 
(1,034
)
Balance at December 31, 2016
$
79

 
$
209,706

 
$
(76,140
)
 
$
133,645

 
 
Other Benefits
 
Prior Service
Cost
 
Net (Gain) or
Loss
 
Deferred
Taxes
 
Accumulated
Other
Comprehensive
Loss,
Net of Tax
 
(Dollars in thousands)
Balance at December 31, 2014
$
72

 
$
8,281

 
$
(2,919
)
 
$
5,434

Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
 
 
 
 
 
 
 
Net amortization and deferral
35

 
(251
)
 
78

 
(138
)
Amounts arising during the period:
 
 
 
 
 
 
 
Actuarial changes in benefit obligation
—

 
(3,914
)
 
1,459

 
(2,455
)
Balance at December 31, 2015
107

 
4,116

 
(1,382
)
 
2,841

Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
 
 
 
 
 
 
 
Net amortization and deferral
(22
)
 
(432
)
 
170

 
(284
)
Amounts arising during the period:
 
 
 
 
 
 
 
Actuarial changes in benefit obligation
—

 
646

 
(252
)
 
394

Balance at December 31, 2016
$
85

 
$
4,330

 
$
(1,464
)
 
$
2,951
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
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Discount rate
4.5
%
 
4.1
%
 
5.0
%
 
4.3
%
 
4.0
%
 
4.7
%
Rate of return
8.1
%
 
8.1
%
 
8.3
%
 
 
 
 
 
 
Initial healthcare trend rate
 
 
 
 
 
 
8.4
%
 
7.3
%
 
7.5
%
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
 
2016
 
2015
 
2016
 
2015
Discount rate
4.2
%
 
4.5
%
 
4.1
%
 
4.3
%
Rate of compensation increase
2.8
%
 
2.8
%
 
 
 
 
Initial healthcare trend rate
 
 
 
 
7.9
%
 
8.4
%
Ultimate healthcare trend rate
 
 
 
 
5.0
%
 
5.0
%
Fair Values of Pension Plan Assets
The following table provides the fair values of the Company’s pension plan assets at December 31, 2016 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
 
$
437

 
$
437

 


 


Money market funds
 
76

 
76

 


 


Equity securities:
 
 
 
 
 
 
 
 
Managed volatility (b)
 
88,051

 
88,051

 


 


United States small/mid-cap equity (c)
 
24,785

 
24,785

 


 


World Equity (excluding United States) (d)
 
33,376

 
33,376

 


 


Common Equity Securities – Teleflex Incorporated
 
18,838

 
18,838

 


 


Diversified Global
 
5,086

 
5,086

 


 


Fixed income securities:
 
 
 
 
 
 
 
 
Long duration bond fund (e)
 
73,544

 
73,544

 


 


High yield bond fund (f)
 
15,451

 
15,451

 


 


Emerging markets debt fund (g)
 
9,412

 


 
$
9,412

 


Corporate, government and foreign bonds
 
1,864

 
1,792

 
72

 


Asset backed – home loans
 
527

 


 
527

 


Other types of investments:
 
 
 
 
 
 
 
 
Structured credit (h)
 
35,066

 


 


 
$
35,066

Hedge fund of funds (i)
 
22,748

 


 


 
22,748

UK Property Fund (j)
 
1,377

 


 
1,377

 


Multi asset funds  (k)
 
9,622

 
5,460

 
4,162

 


Other
 
5

 


 


 
5

Total
 
$
340,265

 
$
266,896

 
$
15,550

 
$
57,819

The following table provides the fair values of the Company’s pension plan assets at December 31, 2015 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
 
$
664

 
$
664

 


 


Money market funds
 
184

 
184

 


 


Equity securities:
 
 
 
 
 
 
 
 
Managed volatility (b)
 
80,052

 
80,052

 


 


United States small/mid-cap equity (c)
 
18,549

 
18,549

 


 


World Equity (excluding United States) (d)
 
29,632

 
29,632

 


 


Common Equity Securities – Teleflex Incorporated
 
15,366

 
15,366

 


 


Diversified United Kingdom Equity
 
845

 
845

 


 


Diversified Global
 
2,948

 
2,948

 


 


Emerging Markets
 
1,055

 
1,055

 


 


Fixed income securities:
 
 
 
 
 
 
 
 
Long duration bond fund (e)
 
80,855

 
80,855

 


 


UK corporate bond fund
 
2,467

 
2,467

 


 


UK Government bond fund
 
4,838

 
4,838

 


 


High yield bond fund (f)
 
10,702

 
10,702

 


 


Emerging markets debt fund (g)
 
10,060

 


 
$
10,060

 


Corporate, government and foreign bonds
 
75

 


 
75

 


Asset backed – home loans
 
655

 


 
655

 


Other types of investments:
 
 
 
 
 
 
 
 
Structured credit (h)
 
29,591

 


 


 
$
29,591

Hedge fund of funds (i)
 
22,599

 


 


 
22,599

UK Property Fund (j)
 
1,654

 


 
1,654

 


Multi asset funds  (k)
 
3,155

 
3,155

 


 


Other
 
5

 


 


 
5

Total
 
$
315,951

 
$
251,312

 
$
12,444

 
$
52,195


(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, 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 35% 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, 2016 and 2015:
•
approximately 43% and 41%, 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 14% and 12%, respectively, of the assets were held in tactical/directional based funds, including global macro, long/short equity, commodity and systematic quantitative strategies;
•
approximately 19% and 19%, respectively, of the assets were held in relative value based funds, including convertible and fixed income arbitrage, credit long/short and volatility arbitrage strategies; and
•
approximately 24% and 28%, respectively, of the assets were held in funds with an event driven strategy.
(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 fund that may invest in equities, bonds, or derivatives.
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, 2014 through December 31, 2016:
 
(Dollars in thousands)
Balance at December 31, 2014
$
54,352

Unrealized gain on assets
(2,157
)
Balance at December 31, 2015
52,195

Unrealized gain on assets
5,624

Balance at December 31, 2016
$
57,819
Expected Benefit Payments
The following table provides information about the Company’s expected benefit payments under its 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)
2017
$
19,495

 
$
3,200

2018
19,932

 
3,171

2019
20,739

 
3,214

2020
21,356

 
3,413

2021
22,104

 
3,396

Years 2022 — 2026
121,404

 
18,238