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Pension and other postretirement benefits | 12 Months Ended
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Dec. 31, 2012
Pension and other postretirement benefits | Note 15 — 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 years of service totaled less than 65. In 2012, the Company reached an agreement with U.S. plan participants covered under a collective bargaining agreement to cease future benefit accruals under the TRIP. As a result of this action, all of the Company’s U.S. defined benefit pension plans are effectively frozen as of December 31, 2012. In March 2011, in connection with the Company’s sale of its marine business and the assumption by the buyer of specified defined benefit plan obligations related to the business, the Company revalued, at fair value, its obligations and assets under its domestic pension and other postretirement plans, resulting in a net actuarial decrease in the obligation of approximately $5.6 million. In connection with the sale, approximately $24.4 million of the pension obligations, approximately $7.4 million of other postretirement obligations and approximately $17.7 million of related pension assets were initially assigned to the buyer. In the fourth quarter of 2011, pursuant to the terms of the marine sale agreement, the Company refined its estimate of the pension and postretirement obligations assumed by the buyer and pension assets assigned to the buyer, which resulted in a decrease in the Company’s gain on sale of the marine business of approximately $2.4 million. A transfer of all obligations and assets related to the marine business’s pensions and other postretirement plans adjusted for participant and market activity from the date of sale through the date of transfer was completed during the fourth quarter of 2011. For additional information regarding the sale of the marine business, see Note 19, “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 for continuing operations consisted of the following:
|  | Pension (1) |  |  | Other Benefits (1) |
|  | 2012 |  |  | 2011 |  |  | 2010 |  |  | 2012 |  |  | 2011 |  |  | 2010 |
|  | (Dollars in thousands) |
Service cost |  | $ | 2,331 |  |  | $ | 2,297 |  |  | $ | 2,229 |  |  | $ | 704 |  |  | $ | 479 |  |  | $ | 690 |
Interest cost |  |  | 16,561 |  |  |  | 17,284 |  |  |  | 17,141 |  |  |  | 2,122 |  |  |  | 2,054 |  |  |  | 2,310 |
Expected return on plan assets |  |  | (20,245 | ) |  |  | (19,998 | ) |  |  | (16,753 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net amortization and deferral |  |  | 6,474 |  |  |  | 4,018 |  |  |  | 4,013 |  |  |  | 761 |  |  |  | (45 | ) |  |  | 105 |
Curtailment gain |  |  | (197 | ) |  |  | (37 | ) |  |  | (52 | ) |  |  | — |  |  |  | — |  |  |  | — |
Settlement gain |  |  | 106 |  |  |  | (5 | ) |  |  | (40 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net benefit cost |  | $ | 5,030 |  |  | $ | 3,559 |  |  | $ | 6,538 |  |  | $ | 3,587 |  |  | $ | 2,488 |  |  | $ | 3,105 |
(1) | All periods have been adjusted to remove amounts related to discontinued operations.
The weighted average assumptions for U.S. and foreign plans used in determining net benefit cost were as follows:
|  | Pension |  |  | Other Benefits |
|  | 2012 |  |  | 2011 |  |  | 2010 |  |  | 2012 |  |  | 2011 |  |  | 2010 |
Discount rate |  |  | 4.28 | % |  |  | 5.50 | % |  |  | 5.78 | % |  |  | 3.95 | % |  |  | 5.10 | % |  |  | 5.60 | %
Rate of return |  |  | 8.27 | % |  |  | 8.31 | % |  |  | 8.27 | % |  |  | — |  |  |  | — |  |  |  | — |
Initial healthcare trend rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8.5 | % |  |  | 8.0 | % |  |  | 9.0 | %
Ultimate healthcare trend rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5.0 | % |  |  | 5.0 | % |  |  | 5.0 | %
Summarized information on the Company’s pension and postretirement benefit plans, measured as of year end, and the amounts recognized in the consolidated balance sheet and in accumulated other comprehensive income with respect to the plans were as follows:
|  | Pension |  |  | Other Benefits |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
|  | Under Funded |  |  | Under Funded |
|  | (Dollars in thousands) |
Benefit obligation, beginning of year |  | $ | 393,794 |  |  | $ | 354,125 |  |  | $ | 49,508 |  |  | $ | 55,522 |
Service cost |  |  | 2,331 |  |  |  | 2,297 |  |  |  | 704 |  |  |  | 479 |
Interest cost |  |  | 16,561 |  |  |  | 17,284 |  |  |  | 2,122 |  |  |  | 2,054 |
Actuarial loss |  |  | 2,345 |  |  |  | 65,636 |  |  |  | 6,161 |  |  |  | 5,047 |
Divestiture of businesses |  |  | — |  |  |  | (28,568 | ) |  |  | — |  |  |  | (10,361 | )
Currency translation |  |  | 678 |  |  |  | 200 |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (16,227 | ) |  |  | (15,507 | ) |  |  | (3,106 | ) |  |  | (3,466 | )
Medicare Part D reimbursement |  |  | — |  |  |  | — |  |  |  | 220 |  |  |  | 233 |
Settlements |  |  | (767 | ) |  |  | (173 | ) |  |  | — |  |  |  | — |
Administrative costs |  |  | (1,452 | ) |  |  | (1,463 | ) |  |  | — |  |  |  | — |
Curtailments |  |  | (79 | ) |  |  | (37 | ) |  |  | — |  |  |  | — |
Projected benefit obligation, end of year |  |  | 397,184 |  |  |  | 393,794 |  |  |  | 55,609 |  |  |  | 49,508 |
Fair value of plan assets, beginning of year |  |  | 243,324 |  |  |  | 261,934 |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 33,946 |  |  |  | 11,419 |  |  |  | — |  |  |  | — |
Contributions |  |  | 17,567 |  |  |  | 6,451 |  |  |  | — |  |  |  | — |
Divestiture of businesses |  |  | — |  |  |  | (19,619 | ) |  |  | — |  |  |  | — |
Benefits paid |  |  | (16,227 | ) |  |  | (15,507 | ) |  |  | — |  |  |  | — |
Settlements paid |  |  | (767 | ) |  |  | (173 | ) |  |  | — |  |  |  | — |
Administrative costs |  |  | (1,452 | ) |  |  | (1,463 | ) |  |  | — |  |  |  | — |
Currency translation |  |  | 472 |  |  |  | 282 |  |  |  | — |  |  |  | — |
Fair value of plan assets, end of year |  |  | 276,863 |  |  |  | 243,324 |  |  |  | — |  |  |  | — |
Funded status, end of year |  | $ | (120,321 | ) |  | $ | (150,470 | ) |  | $ | (55,609 | ) |  | $ | (49,508 | )
The summarized 2011 information in the table above excludes the activity pertaining to discontinued operations. The “Divestiture of businesses” lines remove the beginning of the year balances for all discontinued operations that had pension or other postretirement benefits. The following table sets forth information as to amounts recognized in the consolidated balance sheet with respect to the plans:
|  | Pension |  |  | Other Benefits |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
|  | (Dollars in thousands) |
Payroll and benefit-related liabilities |  | $ | (1,784 | ) |  | $ | (1,813 | ) |  | $ | (3,200 | ) |  | $ | (3,181 | )
Pension and postretirement benefit liabilities |  |  | (118,537 | ) |  |  | (148,657 | ) |  |  | (52,409 | ) |  |  | (46,327 | )
Accumulated other comprehensive loss |  |  | 186,916 |  |  |  | 204,508 |  |  |  | 12,254 |  |  |  | 6,854 |
|  | $ | 66,595 |  |  | $ | 54,038 |  |  | $ | (43,355 | ) |  | $ | (42,654 | )
Amounts recognized in accumulated other comprehensive (income) loss with respect to the plans are set forth below:
|  | Pension |
|  | Prior Service Cost (Credit) |  |  | Net (Gain) or Loss |  |  | Deferred Taxes |  |  | Accumulated Other Comprehensive (Income) Loss, Net of Tax |
|  | (Dollars in thousands) |
Balance at December 31, 2010 |  | $ | 431 |  |  | $ | 143,206 |  |  | $ | (52,313 | ) |  | $ | 91,324 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net amortization and deferral |  |  | (32 | ) |  |  | (3,986 | ) |  |  | 1,449 |  |  |  | (2,569 | )
Settlement |  |  | — |  |  |  | 5 |  |  |  | (2 | ) |  |  | 3 |
Amounts arising during the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax rate adjustments |  |  | — |  |  |  | — |  |  |  | (58 | ) |  |  | (58 | )
Actuarial changes in benefit obligation |  |  | — |  |  |  | 74,215 |  |  |  | (26,959 | ) |  |  | 47,256 |
Divestiture of businesses |  |  | (148 | ) |  |  | (9,260 | ) |  |  | 3,415 |  |  |  | (5,993 | )
Impact of currency translation |  |  | — |  |  |  | 77 |  |  |  | (20 | ) |  |  | 57 |
Balance at December 31, 2011 |  |  | 251 |  |  |  | 204,257 |  |  |  | (74,488 | ) |  |  | 130,020 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net amortization and deferral |  |  | (35 | ) |  |  | (6,439 | ) |  |  | 2,287 |  |  |  | (4,187 | )
Curtailment |  |  | — |  |  |  | 118 |  |  |  | (44 | ) |  |  | 74 |
Settlement |  |  | — |  |  |  | (106 | ) |  |  | 40 |  |  |  | (66 | )
Amounts arising during the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax rate adjustments |  |  | — |  |  |  | — |  |  |  | 115 |  |  |  | 115 |
Actuarial changes in benefit obligation |  |  | — |  |  |  | (11,356 | ) |  |  | 4,581 |  |  |  | (6,775 | )
Impact of currency translation |  |  | — |  |  |  | 226 |  |  |  | (58 | ) |  |  | 168 |
Balance at December 31, 2012 |  | $ | 216 |  |  | $ | 186,700 |  |  | $ | (67,567 | ) |  | $ | 119,349 |
|  | Other Benefits |
|  | Prior Service Cost (Credit) |  |  | Initial Obligation |  |  | Net (Gain) or Loss |  |  | Deferred Taxes |  |  | Accumulated Other Comprehensive (Income) Loss, Net of Tax |
|  | (Dollars in thousands) |
Balance at December 31, 2010 |  | $ | 509 |  |  | $ | 364 |  |  | $ | 5,422 |  |  | $ | (1,873 | ) |  | $ | 4,422 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Amortization and deferral |  |  | 56 |  |  |  | (110 | ) |  |  | 99 |  |  |  | (17 | ) |  |  | 28 |
Amounts Arising During the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax rate adjustments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4 | ) |  |  | (4 | )
Divestiture of businesses |  |  | (658 | ) |  |  | (152 | ) |  |  | (3,723 | ) |  |  | 1,450 |  |  |  | (3,083 | )
Actuarial changes in benefit obligation |  |  | — |  |  |  | — |  |  |  | 5,047 |  |  |  | (1,882 | ) |  |  | 3,165 |
Balance at December 31, 2011 |  |  | (93 | ) |  |  | 102 |  |  |  | 6,845 |  |  |  | (2,326 | ) |  |  | 4,528 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Amortization and deferral |  |  | 55 |  |  |  | (97 | ) |  |  | (719 | ) |  |  | 277 |  |  |  | (484 | )
Amounts Arising During the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax rate adjustments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1 | )
Actuarial changes in benefit obligation |  |  | — |  |  |  | — |  |  |  | 6,161 |  |  |  | (2,296 | ) |  |  | 3,865 |
Balance at December 31, 2012 |  | $ | (38 | ) |  | $ | 5 |  |  | $ | 12,287 |  |  | $ | (4,346 | ) |  | $ | 7,908 |
The summarized 2011 information in the table above excludes the activity pertaining to discontinued operations. The “Divestiture of businesses” lines remove the beginning of the year balances for all discontinued operations that had pension or other postretirement benefits. The weighted average assumptions for U.S. and foreign plans used in determining benefit obligations were as follows:
|  | Pension |  |  | Other Benefits |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Discount rate |  |  | 4.27 | % |  |  | 4.28 | % |  |  | 3.83 | % |  |  | 3.95 | %
Rate of compensation increase |  |  | 3.0 | % |  |  | 3.0 | % |  |  | — |  |  |  | — |
Initial healthcare trend rate |  |  | — |  |  |  | — |  |  |  | 8.15 | % |  |  | 8.5 | %
Ultimate healthcare trend rate |  |  | — |  |  |  | — |  |  |  | 5.0 | % |  |  | 5.0 | %
The discount rate represents the interest rate used to determine the present value of future cash flows currently expected to be required to settle the Company’s pension and other benefit obligations. In 2012, the Company changed the yield curve used to determine the Company’s discount rate for its U.S. pension plans and other benefit plans from the Citigroup Pension Discount Curve to the AON Hewitt AA Above Median yield curve. The Company believes that the AA Above Median yield curve provides a better estimate of the Company’s liabilities relative to assets that would be purchased to settle such liabilities. The weighted average discount rates for U.S. pension plans and other benefit plans of 4.31% and 3.83%, respectively, were established by comparing the projection of expected benefit payments to the AA Above Median yield curve as of December 31, 2012. The expected benefit payments are discounted by each corresponding discount rate on the yield curve. For payments beyond 30 years, the Company extends the curve assuming that the discount rate derived in year 30 is extended to the end of the plan’s payment expectations. Once the present value of the string of benefit payments is established, the Company determines the single rate on the yield curve that, when applied to all obligations of the plan, will exactly match the previously determined present value. As part of its evaluation of the pension and other postretirement assumptions in 2011, the Company revised its assumptions for mortality and healthcare cost trends. The mortality assumption was enhanced to incorporate generational white and blue collar mortality trends. The generational tables take into consideration increases in plan participant longevity resulting in less significant increases in plan obligations in the future. This assumption change resulted in increases to 2011’s pension obligation and other postretirement obligation by approximately $17.5 million and $1.4 million, respectively. Also in 2011, the healthcare cost trend rate was increased to 8.5% based on the continued rise in healthcare costs, which resulted in an increase to the other postretirement obligation by approximately $0.9 million. These increases in the obligation are reflected in the amounts recognized in the summarized information for Under Funded benefits in actuarial losses. The Company’s assumption for the Expected Return on Plan Assets is primarily based on the determination of an expected return for its current portfolio. This determination is made using assumptions for return and volatility of the portfolio. Asset class assumptions are set using a combination of empirical and forward-looking analysis. To the extent that historical results have been affected by unsustainable trends or events, the effects of those trends are quantified and removed. The Company applies a variety of models for filtering historical data and isolating the fundamental characteristics of asset classes. These models provide empirical return estimates for each asset class, which are then reviewed and combined with a qualitative assessment of long term relationships between asset classes before a return estimate is finalized. This provides an additional means for correcting for the effect of unrealistic or unsustainable short-term valuations or trends, resulting in return levels and behavior the Company believes is more likely to prevail over long periods. Increasing the assumed healthcare trend rate by 1% would increase the benefit obligation by $4.6 million and would increase the 2012 benefit expense by $0.3 million. Decreasing the trend rate by 1% would decrease the benefit obligation by $4.0 million and would decrease the 2012 benefit expense by $0.2 million. The accumulated benefit obligation for all U.S. and foreign defined benefit pension plans was $396.7 million and $393.4 million for 2012 and 2011, respectively. The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for U.S. and foreign plans with accumulated benefit obligations in excess of plan assets were $397.2 million, $396.7 million and $276.9 million, respectively for 2012 and $393.0 million, $392.7 million and $242.6 million, respectively, for 2011. The Company’s investment objective is to achieve an enhanced long-term rate of return on plan assets, subject to a prudent level of portfolio risk, for the purpose of enhancing the security of benefits for participants. These investments are held primarily in equity and fixed income mutual funds. The Company’s other investments are largely comprised of a hedge fund of funds and a structured credit fund. The equity funds are diversified in terms of domestic and international equity securities, as well as small, middle and large capitalization stocks. The domestic mutual funds held in the plans are subject to the diversification standards and industry limitations on concentration of holdings set forth in the Investment Company Act of 1940, as amended. The Company’s target allocation percentage is as follows: equity securities (45%); fixed-income securities (35%) and other securities (20%). The portfolio allocation was changed during 2012. The changes increase diversification of the portfolio and reduce expected variability of the portfolio returns, while maintaining the same expected return level. The new composition is expected to bring a better balance of return and risk expectations of the pension plan. Equity funds are held for their expected return over inflation. Fixed-income funds are held for diversification relative to equities and as a partial hedge of interest rate risk to plan liabilities. The other investments are held to further diversify assets within the plans and are designed to provide a mix of equity and bond like return with a bond like risk profile. The plans may also hold cash to meet liquidity requirements. Actual performance may not be consistent with the respective investment strategies. Investment risks and returns are measured and monitored on an on-going basis through annual liability measurements and investment portfolio reviews to determine whether the asset allocation targets continue to represent an appropriate balance of expected risk and reward. The fair values of the Company’s pension plan assets at December 31, 2012 by asset category are as follows:
|  | Fair Value Measurements at 12/31/12 |
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 |  | $ | 408 |  |  | $ | 408 |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 361 |  |  |  | 361 |  |  |  | — |  |  |  | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Managed volatility (b) |  |  | 66,413 |  |  |  | 66,413 |  |  |  | — |  |  |  | — |
U.S. small/mid-cap equity (d) |  |  | 16,543 |  |  |  | 16,543 |  |  |  | — |  |  |  | — |
World Equity (excluding United States) (e) |  |  | 27,257 |  |  |  | 27,257 |  |  |  | — |  |  |  | — |
Common Equity Securities — Teleflex Incorporated |  |  | 8,336 |  |  |  | 8,336 |  |  |  | — |  |  |  | — |
Diversified United Kingdom Equity |  |  | 6,681 |  |  |  | 6,681 |  |  |  | — |  |  |  | — |
Diversified Global (excluding United Kingdom) |  |  | 3,267 |  |  |  | 3,267 |  |  |  | — |  |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long duration bond fund (f) |  |  | 73,370 |  |  |  | 73,370 |  |  |  | — |  |  |  | — |
High yield bond fund (g) |  |  | 10,896 |  |  |  | 10,896 |  |  |  | — |  |  |  | — |
Emerging markets debt fund (h) |  |  | 8,453 |  |  |  | 8,453 |  |  |  | — |  |  |  | — |
Corporate, government and foreign bonds |  |  | 5,675 |  |  |  | — |  |  |  | 5,675 |  |  |  | — |
Asset backed — home loans |  |  | 1,005 |  |  |  | — |  |  |  | 1,005 |  |  |  | — |
Other types of investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Structured credit (i) |  |  | 26,828 |  |  |  | — |  |  |  | — |  |  |  | 26,828 |
Hedge fund of funds (j) |  |  | 21,365 |  |  |  | — |  |  |  | — |  |  |  | 21,365 |
Other |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 5 |
Total |  | $ | 276,863 |  |  | $ | 221,985 |  |  | $ | 6,680 |  |  | $ | 48,198 |
The fair values of the Company’s pension plan assets at December 31, 2011 by asset category are as follows:
|  | Fair Value Measurements at 12/31/11 |
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 |  | $ | 432 |  |  | $ | 432 |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 2,987 |  |  |  | 2,987 |  |  |  | — |  |  |  | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. large-cap disciplined equity (c) |  |  | 67,089 |  |  |  | 67,089 |  |  |  | — |  |  |  | — |
U.S. small/mid-cap equity (d) |  |  | 18,290 |  |  |  | 18,290 |  |  |  | — |  |  |  | — |
World Equity (excluding United States) (e) |  |  | 42,260 |  |  |  | 42,260 |  |  |  | — |  |  |  | — |
Common Equity Securities — Teleflex Incorporated |  |  | 7,165 |  |  |  | 7,165 |  |  |  | — |  |  |  | — |
Diversified United Kingdom Equity |  |  | 5,681 |  |  |  | 5,681 |  |  |  | — |  |  |  | — |
Diversified Global (excluding United Kingdom) |  |  | 2,860 |  |  |  | 2,860 |  |  |  | — |  |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long duration bond fund (f) |  |  | 71,057 |  |  |  | 71,057 |  |  |  | — |  |  |  | — |
Corporate, government and foreign bonds |  |  | 2,573 |  |  |  | — |  |  |  | 2,573 |  |  |  | — |
Asset backed — home loans |  |  | 1,008 |  |  |  | — |  |  |  | 1,008 |  |  |  | — |
Other types of investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge fund of funds (j) |  |  | 20,624 |  |  |  | — |  |  |  | — |  |  |  | 20,624 |
General Fund — Japan |  |  | 767 |  |  |  | — |  |  |  | 767 |  |  |  | — |
Other |  |  | 531 |  |  |  | — |  |  |  | — |  |  |  | 531 |
Total |  | $ | 243,324 |  |  | $ | 217,821 |  |  | $ | 4,348 |  |  | $ | 21,155 |
(a) | Information on asset categories described in notes (b)-(j) 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 large companies. These securities include common stocks, preferred stocks, warrants, exchange traded funds based on a large cap equity index and derivative instruments whose value is based on an underlying equity security or a basket of equity securities. The fund invests primarily in common stocks of U.S. companies with market capitalizations in the range of companies in the S&P 500 Composite Stock Price Index (S&P 500 Index).
(d) | 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.
(e) | 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 and 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 30% of its assets in the common stocks or other equity securities of issuers located in emerging market countries.
(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 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 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 of a fund that invests primarily in collateralized debt obligations (“CDOs”) and other structured credit vehicles. The fund investments may include fixed income securities, loan participants, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments.
(j) | This category comprises a hedge fund that invests in various other hedge funds. As of December 31, 2012 and December 31, 2011:
| • |  | approximately 22% and 20%, respectively, of the assets of the hedge fund were invested in equity hedge based funds, including equity long/short and equity market neutral strategies;
| • |  | approximately 30% and 27%, respectively, of the assets were held in tactical/directional based funds, including global macro, long/short equity, commodity and systematic quantitative strategies;
| • |  | approximately 25% and 29%, respectively, of the assets were held in relative value based funds, including convertible and fixed income arbitrage, credit long/short and volatility arbitrage strategies;
| • |  | approximately 17% and 17%, respectively, of the assets were held in funds with an event driven strategy; and
| • |  | approximately 6% and 7%, respectively, of the assets were held in cash.
The following table provides a reconciliation of changes in Level 3 pension assets measured at fair value on a recurring basis from December 31, 2010 through December 31, 2012:
|  | Hedge Fund of Funds |  |  | Structured Credit |  |  | Other Investments |
|  | (Dollars in thousands) |
Balance at December 31, 2010 |  | $ | 20,689 |  |  | $ | — |  |  | $ | 498 |
Actual return on assets |  |  | (65 | ) |  |  | — |  |  |  | 25 |
Foreign currency adjustment |  |  | — |  |  |  | — |  |  |  | 8 |
Balance at December 31, 2011 |  |  | 20,624 |  |  |  | — |  |  |  | 531 |
Purchases |  |  | — |  |  |  | 26,000 |  |  |  | — |
Sales/redemptions |  |  | — |  |  |  | — |  |  |  | (509 | )
Actual return on assets |  |  | 741 |  |  |  | 828 |  |  |  | (35 | )
Foreign currency adjustment |  |  | — |  |  |  | — |  |  |  | 18 |
Balance at December 31, 2012 |  | $ | 21,365 |  |  | $ | 26,828 |  |  | $ | 5 |
The Company’s contributions to U.S. and foreign pension plans during 2013 are expected to be approximately $7.1 million. Contributions to postretirement healthcare plans during 2013 are expected to be approximately $3.2 million. The Company’s expected benefit payments for 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 $0.3 million, is as follows:
|  | Pension |  |  | Other Benefits |
|  | (Dollars in thousands) |
2013 |  | $ | 16,316 |  |  | $ | 3,199 |
2014 |  |  | 16,625 |  |  |  | 3,314 |
2015 |  |  | 17,249 |  |  |  | 3,369 |
2016 |  |  | 17,949 |  |  |  | 3,511 |
2017 |  |  | 18,540 |  |  |  | 3,539 |
Years 2018 — 2022 |  |  | 103,552 |  |  |  | 17,865 |
The Company maintains a number of defined contribution savings plans covering eligible U.S. and non-U.S. employees. The Company partially matches employee contributions. Costs related to these plans were $10.1 million, $10.2 million and $9.0 million for 2012, 2011 and 2010, respectively.

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