Pension And Other Postretirement Benefits

9 Months Ended

Sep. 25, 2011

Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits

Note 12 — Pension and other postretirement benefits

The Company has a number of defined benefit pension and other postretirement plans covering eligible U.S. and non-U.S. employees. The defined benefit pension plans are noncontributory. The benefits under these plans are based primarily on years of service and employees' pay near retirement. The Company's funding policy for U.S. plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations. Obligations under non-U.S. plans are systematically provided for by depositing funds with trustees or by book reserves. In 2008 the Company amended the Teleflex Retirement Income Plan ("TRIP") to cease future benefit accruals for all employees, other than those subject to a collective bargaining agreement, and amended its Supplemental Executive Retirement Plans ("SERP") for all executives to cease future benefit accruals for both employees and executives as of December 31, 2008. The Company replaced the non-qualified defined benefits provided under the SERP with a non-qualified defined contribution arrangement under the Company's Deferred Compensation Plan, effective January 1, 2009. In addition, in 2008, the Company's other postretirement benefit plans were amended to eliminate future benefits for employees, other than those subject to a collective bargaining agreement, who had not attained age 50 and whose age plus service was less than 65.

In March 2011, in connection with the Company's sale of its marine business, approximately $24.4 million of the pension obligations and approximately $7.4 million of other postretirement obligations were assumed by the buyer and approximately $17.7 million of related pension assets were transferred to the buyer. The amounts are subject to further valuation by the buyer. For additional information regarding the sale of the marine business, see Note 16, "Divestiture related activities."

The Company and certain of its subsidiaries provide medical, dental and life insurance benefits to pensioners and survivors. The associated plans are unfunded and approved claims are paid from Company funds.

Net benefit cost of pension and other postretirement benefit plans consisted of the following:

	Pension Three Months Ended						Other Postretirement Benefits Three Months Ended						Pension Nine Months Ended						Other Postretirement Benefits Nine Months Ended
	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
										(Dollars in thousands)
Service cost	$	531		$	599		$	(37	)	$	138		$	1,723		$	1,856		$	359		$	518
Interest cost		4,387			4,239			441			427			12,973			12,817			1,541			1,732
Expected return on Plan assets		(5,160	)		(4,543	)		—			—			(15,003	)		(12,559	)		—			—
Net amortization and deferral		987			1,028			(172	)		(184	)		3,018			3,027			(34	)		78
Net benefit cost	$	745		$	1,323		$	232		$	381		$	2,711		$	5,141		$	1,866		$	2,328

The Company is required to make minimum pension contributions totaling $6.4 million during 2011, of which $2.9 million and $4.3 million were made during the three and nine months ended September 25, 2011, respectively.