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Pension and other postretirement benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Net Benefit Cost of Pension and Postretirement Benefit Plans
The following table provides information regarding the components of the net benefit (income) expense of the pension and postretirement benefit plans for the years ended December 31, 2020, 2019 and 2018:
PensionOther Benefits
202020192018202020192018
Service cost$1,416 $2,768 $1,500 $— $9 $50 
Interest cost12,827 16,000 14,816 902 1,391 1,389 
Expected return on plan assets(31,650)(27,426)(29,666)— — — 
Net amortization and deferral7,447 7,013 6,777 (161)(1)136 
Curtailments— — — — — 677 
Settlements— — 486 — — — 
Net benefit (income) expense$(9,960)$(1,645)$(6,087)$741 $1,399 $2,252 
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost
The following table provides the weighted average assumptions for U.S. and foreign plans used in determining net benefit cost:
PensionOther Benefits
202020192018202020192018
Discount rate3.2 %4.3 %3.6 %3.1 %4.2 %3.6 %
Rate of return7.5 %7.7 %7.8 %
Initial healthcare trend rate7.0 %7.4 %7.8 %
Ultimate healthcare trend rate5.0 %5.0 %5.0 %
The following table provides the weighted average assumptions for U.S. and foreign plans used in determining benefit obligations:
PensionOther Benefits
2020201920202019
Discount rate2.5 %3.2 %2.3 %3.1 %
Rate of compensation increase2.8 %2.8 %
Initial healthcare trend rate6.4 %6.6 %
Ultimate healthcare trend rate4.5 %5.0 %
Pension and Postretirement Benefit Plans
The following table provides summarized information with respect to the pension and postretirement benefit plans, measured as of December 31, 2020 and 2019:
PensionOther Benefits
2020201920202019
Benefit obligation, beginning of year$470,236 $416,470 $40,042 $42,115 
Service cost1,416 2,768 — 9 
Interest cost12,827 16,000 902 1,391 
Actuarial loss36,726 57,525 964 1,551 
Currency translation2,273 229 — — 
Benefits paid(21,092)(20,350)(5,448)(5,090)
Medicare Part D reimbursement— — 119 66 
Plan amendments47 — (4,658)— 
Administrative costs(1,086)(2,406)— — 
Projected benefit obligation, end of year501,347 470,236 31,921 40,042 
Fair value of plan assets, beginning of year423,300 362,807 
Actual return on plan assets43,276 69,918 
Contributions12,490 12,695 
Benefits paid(21,092)(20,350)
Administrative costs(1,086)(2,406)
Currency translation738 636 
Fair value of plan assets, end of year457,626 423,300 
Funded status, end of year$(43,721)$(46,936)$(31,921)$(40,042)
Amounts Recognized in the Consolidated Balance Sheet
The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the pension and postretirement plans:
PensionOther Benefits
2020201920202019
Other assets$3,703 $2,449 $— $— 
Payroll and benefit-related liabilities(1,721)(1,617)(3,125)(5,091)
Pension and postretirement benefit liabilities(45,703)(47,768)(28,796)(34,951)
Accumulated other comprehensive loss (gain)232,540 213,989 (1,617)1,916 
$188,819 $167,053 $(33,538)$(38,126)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss
The following tables set forth the amounts recognized in accumulated other comprehensive income with respect to the plans:
Pension
Prior Service
Cost
Net (Gain)
or Loss
Deferred
Taxes
Accumulated Other Comprehensive
Loss, Net of Tax
Balance at December 31, 2018$191 $205,719 $(74,429)$131,481 
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral(18)(6,995)1,631 (5,382)
Amounts arising during the period:
Actuarial changes in benefit obligation— 15,033 (3,457)11,576 
Impact of currency translation— 59 (15)44 
Balance at December 31, 2019173 213,816 (76,270)137,719 
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral(15)(7,432)1,738 (5,709)
Amounts arising during the period:
Actuarial changes in benefit obligation— 25,100 (5,875)19,225 
Plan amendments47 — (9)38 
Impact of currency translation— 851 (241)610 
Balance at December 31, 2020$205 $232,335 $(80,657)$151,883 
 
Other Benefits
Prior Service
Cost
Net (Gain) or
Loss
Deferred
Taxes
Accumulated Other Comprehensive
Loss, Net of Tax
Balance at December 31, 2018$71 $293 $(465)$(101)
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral(64)65 — 1 
Amounts arising during the period:
Actuarial changes in benefit obligation— 1,551 (360)1,191 
Balance at December 31, 20197 1,909 (825)1,091 
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral(18)179 (37)124 
Amounts arising during the period:
Actuarial changes in benefit obligation— 964 (223)741 
Plan amendments(4,658)— 1,076 (3,582)
Balance at December 31, 2020$(4,669)$3,052 $(9)$(1,626)
Fair Values of Pension Plan Assets
The following table provides the fair values of the pension plan assets at December 31, 2020 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)
Cash$582 $582 — — 
Money market funds12 12 — — 
Equity securities:
Managed volatility (b)85,974 85,974 — — 
U.S. small/mid-cap equity (c)11,780 11,780 — — 
World equity (excluding U.S.) (d)59,467 59,467 — — 
Common equity securities – Teleflex Incorporated29,592 29,592 — — 
Fixed income securities:
Intermediate duration fund (e)63,376 63,376 — — 
Long duration bond fund (f)98,996 98,996 — — 
Corporate bond fund (g)13,469 13,469 — — 
Emerging markets debt fund (i)11,412 11,412 — — 
Corporate, government and foreign bonds35,582 35,582 — — 
Asset backed – home loans261 — $261 — 
Other types of investments:
Multi asset funds  (j)8,890 4,057 4,833 — 
Contract with insurance company (k)10,485 — — $10,485 
Other4 — — 4 
Total investments at fair value$429,882 $414,299 $5,094 $10,489 
Investments measured at net asset value (l)27,744 
Total$457,626 
The following table provides the fair values of the pension plan assets at December 31, 2019 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)
Cash$650 $650 — — 
Money market funds5 5 — — 
Equity securities:
Managed volatility (b)72,334 72,334 — — 
U.S. small/mid-cap equity (c)10,014 10,014 — — 
World equity (excluding U.S.) (d)48,285 48,285 — — 
Common equity securities – Teleflex Incorporated38,359 38,359 — — 
Fixed income securities:
Intermediate duration fund (e)38,500 38,500 — — 
Long duration bond fund (f)107,143 107,143 — — 
Corporate bond fund (g)13,107 13,107 — — 
Global credit fund (h)929 929 — — 
Emerging markets debt fund (i)9,974 9,974 — — 
Corporate, government and foreign bonds29,714 29,714 — — 
Asset backed – home loans316 — $316 — 
Other types of investments:
Multi asset funds  (j)8,246 4,759 3,487 — 
Contract with insurance company (k)9,849 — — $9,849 
Other5 — — 5 
Total investments at fair value$387,430 $373,773 $3,803 $9,854 
Investments measured at Net asset value (l)35,870 
Total$423,300 
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 U.S. and non-U.S. 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 U.S. 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 U.S. 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 U.S. 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 U.S. 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 funds that invest primarily in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations.
h.This category comprises a fund that invests primarily in a range of debt securities, including those issued by governments, institutions, or companies from a number of countries.
i.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 U.S. 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.
j.This category comprises funds that may invest in equities, bonds, or derivatives.
k.This category comprises the asset established out of an agreement to purchase a bulk-annuity policy from an insurer to fully cover the liabilities for members of the pension plan. The asset value is based on the fair value of the contract as determined by the insurance company using inputs that are not observable.
l.This category comprises pooled institutional investments, primarily collective investment trusts. These funds are not listed on an exchange or traded in an active market and these investments are valued using their net asset value, 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 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 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 $0.1 million:
PensionOther Benefits
2021$22,527 $3,123 
202222,997 2,996 
202323,433 2,864 
202424,018 2,583 
202524,354 2,481 
Years 2026 — 2030128,246 8,622