XML 25 R18.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Pension And Other Postretirement Benefits
 6 Months Ended
Jun. 26, 2011
Pension And Other Postretirement Benefits  
Pension And Other Postretirement Benefits

Note 11 — Pension and other postretirement benefits

The Company has a number of defined benefit pension and 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 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 15, "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 postretirement benefit plans consisted of the following:

 

     Pension
Three Months  Ended		     Postretirement Benefits
Three Months Ended		      Pension
Six Months Ended		     Postretirement Benefits
Six Months Ended		  
     June 26,
2011		     June 27,
2010		     June 26,
2011		      June 27,
2010		      June 26,
2011		     June 27,
2010		     June 26,
2011		      June 27,
2010		  
     (Dollars in thousands)  

Service cost

    $ 613      $ 627      $ 198       $ 190       $ 1,192      $ 1,257      $ 396       $ 380   

Interest cost

      4,342        4,275        549         653         8,586        8,578        1,100         1,305   

Expected return on Plan assets

      (4,943 )      (4,003 )      —           —           (9,843 )      (8,016 )      —           —     

Net amortization and deferral

      976        995        69         131         2,031        1,999        138         262   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Net benefit cost

    $ 988      $ 1,894      $ 816       $ 974       $ 1,966      $ 3,818      $ 1,634       $ 1,947   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

The Company is required to make minimum pension contributions totaling $6.4 million during 2011, of which $0.4 million and $1.4 million were made during the three and six months ended June 26, 2011, respectively.