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Pension and other postretirement benefits (Tables)
 12 Months Ended
Dec. 31, 2017
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
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
 
(Dollars in thousands)
Service cost
$
2,887

 
$
2,615

 
$
1,880

 
$
279

 
$
355

 
$
495

Interest cost
15,137

 
15,711

 
17,948

 
1,577

 
1,595

 
1,967

Expected return on plan assets
(26,809
)
 
(24,786
)
 
(25,940
)
 
—

 
—

 
—

Net amortization and deferral
6,734

 
6,567

 
6,159

 
275

 
454

 
216

Net benefit expense (income)
$
(2,051
)
 
$
107

 
$
47

 
$
2,131

 
$
2,404

 
$
2,678
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 benefit obligations:
 
 
Pension
 
Other Benefits
 
2017
 
2016
 
2017
 
2016
Discount rate
3.6
%
 
4.2
%
 
3.6
%
 
4.1
%
Rate of compensation increase
2.6
%
 
2.8
%
 
 
 
 
Initial healthcare trend rate
 
 
 
 
7.8
%
 
7.9
%
Ultimate healthcare trend rate
 
 
 
 
5.0
%
 
5.0
%
The following table provides the weighted average assumptions for United States and foreign plans used in determining net benefit cost:
 
Pension
 
Other Benefits
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
4.2
%
 
4.5
%
 
4.1
%
 
4.1
%
 
4.3
%
 
4.0
%
Rate of return
8.1
%
 
8.1
%
 
8.1
%
 
 
 
 
 
 
Initial healthcare trend rate
 
 
 
 
 
 
7.9
%
 
8.4
%
 
7.3
%
Ultimate healthcare trend rate
 
 
 
 
 
 
5.0
%
 
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, 2017 and 2016:
 
 
Pension
 
Other Benefits
 
2017
 
2016
 
2017
 
2016
 
Under Funded
 
Under Funded
 
(Dollars in thousands)
Benefit obligation, beginning of year
$
430,574

 
$
421,736

 
$
47,487

 
$
48,616

Service cost
2,887

 
2,615

 
279

 
355

Interest cost
15,137

 
15,711

 
1,577

 
1,595

Actuarial loss
31,074

 
16,315

 
2,278

 
646

Currency translation
3,916

 
(4,300
)
 
—

 
—

Benefits paid
(19,144
)
 
(18,887
)
 
(3,095
)
 
(3,946
)
Medicare Part D reimbursement
—

 
—

 
80

 
221

Plan amendments
—

 
—

 
297

 
—

Curtailments
—

 
(23
)
 
—

 
—

Administrative costs
(2,286
)
 
(2,593
)
 
—

 
—

Projected benefit obligation, end of year
462,158

 
430,574

 
48,903

 
47,487

Fair value of plan assets, beginning of year
340,265

 
315,951

 
 
 
 
Actual return on plan assets
53,065

 
36,620

 
 
 
 
Contributions
12,670

 
12,752

 
 
 
 
Benefits paid
(19,144
)
 
(18,887
)
 
 
 
 
Administrative costs
(2,286
)
 
(2,593
)
 
 
 
 
Currency translation
1,737

 
(3,578
)
 
 
 
 
Fair value of plan assets, end of year
386,307

 
340,265

 
 
 
 
Funded status, end of year
$
(75,851
)
 
$
(90,309
)
 
$
(48,903
)
 
$
(47,487
)
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
 
2017
 
2016
 
2017
 
2016
 
(Dollars in thousands)
Other assets
$
1,596


$
106


$
—


$
—

Payroll and benefit-related liabilities
(1,767
)
 
(1,640
)
 
(3,173
)
 
(3,200
)
Pension and postretirement benefit liabilities
(75,680
)
 
(88,775
)
 
(45,730
)
 
(44,287
)
Accumulated other comprehensive loss
209,365

 
209,785

 
6,715

 
4,415

 
$
133,514

 
$
119,476

 
$
(42,188
)
 
$
(43,072
)
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, 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

Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
 
 
 
 
 
 
 
Net amortization and deferral
(28
)
 
(6,706
)
 
2,395

 
(4,339
)
Amounts arising during the period:
 
 
 
 
 
 
 
Actuarial changes in benefit obligation
—

 
4,818

 
(1,119
)
 
3,699

Curtailments
—

 
—

 
—

 
—

Impact of currency translation
—

 
1,496

 
(413
)
 
1,083

Balance at December 31, 2017
$
51

 
$
209,314

 
$
(75,277
)
 
$
134,088

 
 
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, 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

Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
 
 
 
 
 
 
 
Net amortization and deferral
(77
)
 
(198
)
 
101

 
(174
)
Amounts arising during the period:
 
 
 
 
 
 
 
Actuarial changes in benefit obligation
—

 
2,278

 
(558
)
 
1,720

Plan amendments
297

 
—

 
(74
)
 
223

Balance at December 31, 2017
$
305

 
$
6,410

 
$
(1,995
)
 
$
4,720
Fair Values of Pension Plan Assets
The following table provides the fair values of the Company’s pension plan assets at December 31, 2017 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
 
$
1,324

 
$
1,324

 


 


Money market funds
 
51

 
51

 


 


Equity securities:
 
 
 
 
 
 
 
 
Managed volatility (b)
 
79,964

 
79,964

 


 


United States small/mid-cap equity (c)
 
19,239

 
19,239

 


 


World Equity (excluding United States) (d)
 
32,294

 
32,294

 


 


Common Equity Securities – Teleflex Incorporated
 
29,087

 
29,087

 


 


Diversified Global
 
6,353

 
6,353

 


 


Fixed income securities:
 
 
 
 
 
 
 
 
Intermediate duration bond fund (e)
 
23,378

 
23,378

 


 


Long duration bond fund (f)
 
94,623

 
94,623

 


 


High yield bond fund (g)
 
12,420

 
12,420

 


 


Emerging markets debt fund (h)
 
9,184

 
9,184

 


 


Corporate, government and foreign bonds
 
2,024

 
2,024

 


 


Asset backed – home loans
 
454

 


 
$
454

 


Other types of investments:
 
 
 
 
 
 
 
 
Multi asset funds  (i)
 
11,114

 
6,187

 
4,927

 


Other
 
5

 


 


 
$
5

Total investments at fair value
 
$
321,514

 
$
316,128

 
$
5,381

 
$
5

Investments measured at net asset value (j)
 
64,793

 
 
 
 
 
 
Total
 
$
386,307

 


 


 


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:
 
 
 
 
 
 
 
 
Intermediate duration bond fund (e)
 
—

 


 


 


Long duration bond fund (f)
 
73,544

 
73,544

 


 


High yield bond fund (g)
 
15,451

 
15,451

 


 


Emerging markets debt fund (h)
 
9,412

 
9,412

 


 


Corporate, government and foreign bonds
 
1,864

 
1,864

 


 


Asset backed – home loans
 
527

 


 
$
527

 


Other types of investments:
 
 
 
 
 
 
 
 
Multi asset funds  (i)
 
9,622

 
5,460

 
4,162

 


Other
 
5

 


 


 
$
5

Total investments at fair value
 
$
281,074

 
$
276,380

 
$
4,689

 
$
5

Investments measured at NAV (j)
 
59,191

 
 
 
 
 
 
Total
 
$
340,265

 


 


 



(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 United States and foreign corporate obligations, fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets, debt obligations issued by governments or other municipalities, and securities issued or guaranteed by the United States Government and its agencies. The fund will seek to maintain an effective average duration between three and ten years, and uses derivative instruments, including interest rate swap agreements and credit default swaps, 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 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.
(g)
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.
(h)
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.
(i)
This category comprises funds that may invest in equities, bonds, or derivatives.
(j)
This category comprises pooled institutional investments, primarily collective investment trusts. These funds are not available on an exchange or in an active market and these investments are valued using their NAV, which is generally based on the underlying asset values of the pooled investments held in the trusts. This category comprises the following funds:
•
a fund that invests primarily in collateralized debt obligations (“CDOs”) and other structured credit vehicles and may include fixed income securities, loan participations, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments.
•
a hedge fund that invests in various other hedge funds.
•
funds that invest in underlying funds that acquire, manage, and dispose of real estate properties, with a focus on properties in the U.S. and the UK markets.
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)
2018
$
20,636

 
$
3,173

2019
20,865

 
3,201

2020
21,419

 
3,387

2021
22,171

 
3,414

2022
23,024

 
3,579

Years 2023 — 2027
124,398

 
18,147