Pension and other postretirement benefits (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, 2020 and 2019:

	Pension						Other Benefits
	2021		2020		2019		2021		2020		2019
Service cost	$	1,467	$	1,416	$	2,768	$	—	$	—	$	9
Interest cost	9,272		12,827		16,000		418		902		1,391
Expected return on plan assets	(30,726)		(31,650)		(27,426)		—		—		—
Net amortization and deferral	8,589		7,447		7,013		(1,058)		(161)		(1)
Net benefit (income) expense	$	(11,398)	$	(9,960)	$	(1,645)	$	(640)	$	741	$	1,399

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:

	Pension						Other Benefits
	2021		2020		2019		2021		2020		2019
Discount rate	2.5	%	3.2	%	4.3	%	2.3	%	3.1	%	4.2	%
Rate of return	6.7	%	7.5	%	7.7	%
Initial healthcare trend rate							6.8	%	7.0	%	7.4	%
Ultimate healthcare trend rate							4.5	%	5.0	%	5.0	%

The following table provides the weighted average assumptions for U.S. and foreign plans used in determining benefit obligations:

	Pension				Other Benefits
	2021		2020		2021		2020
Discount rate	2.8	%	2.5	%	2.7	%	2.3	%
Rate of compensation increase	2.8	%	2.8	%
Initial healthcare trend rate					6.0	%	6.4	%
Ultimate healthcare trend rate					4.5	%	4.5	%

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, 2021 and 2020:

	Pension				Other Benefits
	2021		2020		2021		2020
Benefit obligation, beginning of year	$	501,347	$	470,236	$	31,921	$	40,042
Service cost	1,467		1,416		—		—
Interest cost	9,272		12,827		418		902
Actuarial (gain) loss	(13,567)		36,726		(2,288)		964
Currency translation	(1,726)		2,273		—		—
Benefits paid	(21,138)		(21,092)		(3,303)		(5,448)
Medicare Part D reimbursement	—		—		56		119
Plan amendments	—		47		—		(4,658)
Administrative costs	(981)		(1,086)		—		—
Projected benefit obligation, end of year	474,674		501,347		26,804		31,921
Fair value of plan assets, beginning of year	457,626		423,300
Actual return on plan assets	22,124		43,276
Contributions	12,159		12,490
Benefits paid	(21,138)		(21,092)
Administrative costs	(981)		(1,086)
Currency translation	3		738
Fair value of plan assets, end of year	469,793		457,626
Funded status, end of year	$	(4,881)	$	(43,721)	$	(26,804)	$	(31,921)

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:

	Pension				Other Benefits
	2021		2020		2021		2020
Other assets	$	17,827	$	3,703	$	—	$	—
Payroll and benefit-related liabilities	(1,602)		(1,721)		(2,725)		(3,125)
Pension and postretirement benefit liabilities	(21,106)		(45,703)		(24,079)		(28,796)
Accumulated other comprehensive loss (gain)	218,139		232,540		(2,847)		(1,617)
	$	213,258	$	188,819	$	(29,651)	$	(33,538)

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, 2019	$	173	$	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 amendments	47		—		(9)		38
Impact of currency translation	—		851		(241)		610
Balance at December 31, 2020	205		232,335		(80,657)		151,883
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral	(5)		(8,584)		1,999		(6,590)
Amounts arising during the period:
Actuarial changes in benefit obligation	—		(4,965)		1,148		(3,817)
Impact of currency translation	—		(847)		237		(610)
Balance at December 31, 2021	$	200	$	217,939	$	(77,273)	$	140,866

	Other Benefits
	Prior Service Cost		Net (Gain) or Loss		Deferred Taxes		Accumulated Other Comprehensive Loss, Net of Tax
Balance at December 31, 2019	$	7	$	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)
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral	1,017		41		(243)		815
Amounts arising during the period:
Actuarial changes in benefit obligation	—		(2,288)		523		(1,765)
Balance at December 31, 2021	$	(3,652)	$	805	$	271	$	(2,576)

Fair Values of Pension Plan Assets

The following table provides the fair values of the pension plan assets at December 31, 2021 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	$	923	$	923	—		—
Money market funds	6		6		—		—
Equity securities:
Managed volatility (b)	57,252		57,252		—		—
U.S. small/mid-cap equity (c)	7,532		7,532		—		—
World equity (excluding U.S.) (d)	34,287		34,287		—		—
Fixed income securities:
Intermediate duration fund (e)	101,363		101,363		—		—
Long duration bond fund (f)	171,919		171,919		—		—
Corporate bond fund (g)	7,607		7,607		—		—
Emerging markets debt fund (h)	7,605		7,605		—		—
Corporate, government and foreign bonds	50,599		50,599		—		—
Absolute return credit fund (i)	671		—		$	671	—
Asset backed – home loans	208		—		208		—
Other types of investments:
Contract with insurance company (j)	19,130		—		—		$	19,130
Other	3		—		—		3
Total investments at fair value	$	459,105	$	439,093	$	879	$	19,133
Investments measured at net asset value (k)	10,688
Total	$	469,793

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 funds	12		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 Incorporated	29,592		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 (h)	11,412		11,412		—		—
Corporate, government and foreign bonds	35,582		35,582		—		—
Asset backed – home loans	261		—		$	261	—
Other types of investments:
Multi asset funds (l)	8,890		4,057		4,833		—
Contract with insurance company (j)	10,485		—		—		$	10,485
Other	4		—		—		4
Total investments at fair value	$	429,882	$	414,299	$	5,094	$	10,489
Investments measured at Net asset value (k)	27,744
Total	$	457,626

(a)Information on asset categories described in notes (b)-(l) 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 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.

(i)This category comprises a mutual fund that invests primarily in investment grade bonds and similar fixed income and floating rate securities.

(j)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.

(k)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.

(l)This category comprises funds that may invest in equities, bonds, or derivatives.

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:

	Pension		Other Benefits
2022	$	22,732	$	2,723
2023	22,859		2,630
2024	23,583		2,432
2025	23,976		2,348
2026	24,622		2,073
Years 2027 — 2031	127,007		7,388