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Pension and other postretirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] |
Net Benefit Cost of Pension and Postretirement Benefit Plans | The following table provides information regarding the components of the net benefit expense (income) of the Company's pension and postretirement benefit plans:
| Pension |  | Other Benefits
| 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
| (Dollars in thousands)
Service cost | $ | 1,880 |  |  | $ | 1,794 |  |  | $ | 1,819 |  |  | $ | 495 |  |  | $ | 424 |  |  | $ | 663 |
Interest cost | 17,948 |  |  | 18,000 |  |  | 16,842 |  |  | 1,967 |  |  | 2,169 |  |  | 2,707 |
Expected return on plan assets | (25,940 | ) |  | (25,006 | ) |  | (23,122 | ) |  | — |  |  | — |  |  | — |
Net amortization and deferral | 6,159 |  |  | 4,371 |  |  | 5,847 |  |  | 216 |  |  | (7 | ) |  | 1,348 |
Net benefit expense (income) | $ | 47 |  |  | $ | (841 | ) |  | $ | 1,386 |  |  | $ | 2,678 |  |  | $ | 2,586 |  |  | $ | 4,718 |
Pension and Postretirement Benefit Plans | The following table provides summarized information with respect to the Company’s pension and postretirement benefit plans, measured as of December 31, 2015 and 2014:
| Pension |  | Other Benefits
| 2015 |  | 2014 |  | 2015 |  | 2014
| Under Funded |  | Under Funded
| (Dollars in thousands)
Benefit obligation, beginning of year | $ | 447,964 |  |  | $ | 367,731 |  |  | $ | 53,154 |  |  | $ | 52,448 |
Service cost | 1,880 |  |  | 1,794 |  |  | 495 |  |  | 424 |
Interest cost | 17,948 |  |  | 18,000 |  |  | 1,967 |  |  | 2,169 |
Actuarial loss (gain) | (22,880 | ) |  | 82,922 |  |  | (3,914 | ) |  | 1,273 |
Currency translation | (2,721 | ) |  | (2,973 | ) |  | — |  |  | — |
Benefits paid | (18,682 | ) |  | (17,988 | ) |  | (3,216 | ) |  | (3,287 | )
Medicare Part D reimbursement | — |  |  | — |  |  | 130 |  |  | 127 |
Administrative costs | (1,773 | ) |  | (1,522 | ) |  | — |  |  | — |
Projected benefit obligation, end of year | 421,736 |  |  | 447,964 |  |  | 48,616 |  |  | 53,154 |
Fair value of plan assets, beginning of year | 328,830 |  |  | 305,481 |  |  |  |  |
Actual return on plan assets | (4,460 | ) |  | 34,332 |  |  |  |  |
Contributions | 12,797 |  |  | 9,539 |  |  |  |  |
Benefits paid | (18,682 | ) |  | (17,988 | ) |  |  |  |
Settlements paid | — |  |  | — |  |  |  |  |
Administrative costs | (1,773 | ) |  | (1,522 | ) |  |  |  |
Currency translation | (761 | ) |  | (1,012 | ) |  |  |  |
Fair value of plan assets, end of year | 315,951 |  |  | 328,830 |  |  |  |  |
Funded status, end of year | $ | (105,785 | ) |  | $ | (119,134 | ) |  | $ | (48,616 | ) |  | $ | (53,154 | )
Amounts Recognized in the Consolidated Balance Sheet | The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the Company's pension and postretirement plans:
| Pension |  | Other Benefits
| 2015 |  | 2014 |  | 2015 |  | 2014
| (Dollars in thousands)
Payroll and benefit-related liabilities | $ | (1,653 | ) |  | $ | (1,779 | ) |  | $ | (3,307 | ) |  | $ | (3,268 | )
Pension and postretirement benefit liabilities | (104,132 | ) |  | (117,355 | ) |  | (45,309 | ) |  | (49,886 | )
Accumulated other comprehensive loss | 213,301 |  |  | 213,117 |  |  | 4,223 |  |  | 8,353 |
| $ | 107,516 |  |  | $ | 93,983 |  |  | $ | (44,393 | ) |  | $ | (44,801 | )
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss | The following tables set forth the amounts recognized in accumulated other comprehensive income (loss) with respect to the plans:
| 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, 2013 | $ | 182 |  |  | $ | 144,684 |  |  | $ | (52,480 | ) |  | $ | 92,386 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | (34 | ) |  | (4,337 | ) |  | 1,539 |  |  | (2,832 | )
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | 73,596 |  |  | (26,131 | ) |  | 47,465 |
Impact of currency translation | — |  |  | (974 | ) |  | 265 |  |  | (709 | )
Balance at December 31, 2014 | 148 |  |  | 212,969 |  |  | (76,807 | ) |  | 136,310 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | (35 | ) |  | (6,124 | ) |  | 2,164 |  |  | (3,995 | )
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | 7,520 |  |  | (2,928 | ) |  | 4,592 |
Impact of currency translation | — |  |  | (1,177 | ) |  | 316 |  |  | (861 | )
Balance at December 31, 2015 | $ | 113 |  |  | $ | 213,188 |  |  | $ | (77,255 | ) |  | $ | 136,046 |
| Other Benefits
| 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, 2013 | $ | 17 |  |  | $ | 7,056 |  |  | $ | (2,422 | ) |  | $ | 4,651 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | 55 |  |  | (48 | ) |  | (4 | ) |  | 3 |
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | 1,273 |  |  | (493 | ) |  | 780 |
Balance at December 31, 2014 | 72 |  |  | 8,281 |  |  | (2,919 | ) |  | 5,434 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | 35 |  |  | (251 | ) |  | 78 |  |  | (138 | )
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | (3,914 | ) |  | 1,459 |  |  | (2,455 | )
Balance at December 31, 2015 | $ | 107 |  |  | $ | 4,116 |  |  | $ | (1,382 | ) |  | $ | 2,841 |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost | The following table provides the weighted average assumptions for United States and foreign plans used in determining net benefit cost:
| Pension |  | Other Benefits
| 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
Discount rate | 4.1 | % |  | 5.0 | % |  | 4.3 | % |  | 4.0 | % |  | 4.7 | % |  | 3.8 | %
Rate of return | 8.1 | % |  | 8.3 | % |  | 8.3 | % |  |  |  |  |  |
Initial healthcare trend rate |  |  |  |  |  |  | 7.3 | % |  | 7.5 | % |  | 8.2 | %
Ultimate healthcare trend rate |  |  |  |  |  |  | 5.0 | % |  | 5.0 | % |  | 5.0 | %
The following table provides the weighted average assumptions for United States and foreign plans used in determining benefit obligations:
| Pension |  | Other Benefits
| 2015 |  | 2014 |  | 2015 |  | 2014
Discount rate | 4.5 | % |  | 4.1 | % |  | 4.3 | % |  | 4.0 | %
Rate of compensation increase | 2.8 | % |  | 3.0 | % |  |  |  |
Initial healthcare trend rate |  |  |  |  | 8.4 | % |  | 7.3 | %
Ultimate healthcare trend rate |  |  |  |  | 5.0 | % |  | 5.0 | %
Fair Values of Pension Plan Assets | The following table provides the fair values of the Company’s pension plan assets at December 31, 2015 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)
|  | (Dollars in thousands)
Cash |  | $ | 664 |  |  | $ | 664 |  |  |  |  |  |  |
Money market funds |  | 184 |  |  | 184 |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |
Managed volatility (b) |  | 80,052 |  |  | 80,052 |  |  |  |  |  |  |
United States small/mid-cap equity (c) |  | 18,549 |  |  | 18,549 |  |  |  |  |  |  |
World Equity (excluding United States) (d) |  | 29,632 |  |  | 29,632 |  |  |  |  |  |  |
Common Equity Securities – Teleflex Incorporated |  | 15,366 |  |  | 15,366 |  |  |  |  |  |  |
Diversified United Kingdom Equity |  | 845 |  |  | 845 |  |  |  |  |  |  |
Diversified Global |  | 2,948 |  |  | 2,948 |  |  |  |  |  |  |
Emerging Markets |  | 1,055 |  |  | 1,055 |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |
Long duration bond fund (e) |  | 80,855 |  |  | 80,855 |  |  |  |  |  |  |
UK corporate bond fund |  | 2,467 |  |  | 2,467 |  |  |  |  |  |  |
UK Government bond fund |  | 4,838 |  |  | 4,838 |  |  |  |  |  |  |
High yield bond fund (f) |  | 10,702 |  |  | 10,702 |  |  |  |  |  |  |
Emerging markets debt fund (g) |  | 10,060 |  |  |  |  |  | $ | 10,060 |  |  |  |
Corporate, government and foreign bonds |  | 75 |  |  |  |  |  | 75 |  |  |  |
Asset backed – home loans |  | 655 |  |  |  |  |  | 655 |  |  |  |
Other types of investments: |  |  |  |  |  |  |  |
Structured credit (h) |  | 29,591 |  |  |  |  |  |  |  |  | $ | 29,591 |
Hedge fund of funds (i) |  | 22,599 |  |  |  |  |  |  |  |  | 22,599 |
UK Property Fund (j) |  | 1,654 |  |  |  |  |  | 1,654 |  |  |  |
Multi asset fund (k) |  | 3,155 |  |  | 3,155 |  |  |  |  |  |  |
Other |  | 5 |  |  |  |  |  |  |  |  | 5 |
Total |  | $ | 315,951 |  |  | $ | 251,312 |  |  | $ | 12,444 |  |  | $ | 52,195 |
The following table provides the fair values of the Company’s pension plan assets at December 31, 2014 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)
|  | (Dollars in thousands)
Cash |  | $ | 659 |  |  | $ | 659 |  |  |  |  |  |  |
Money market funds |  | 31 |  |  | 31 |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |
Managed volatility (b) |  | 83,068 |  |  | 83,068 |  |  |  |  |  |  |
United States small/mid-cap equity (c) |  | 20,312 |  |  | 20,312 |  |  |  |  |  |  |
World Equity (excluding United States) (d) |  | 26,064 |  |  | 26,064 |  |  |  |  |  |  |
Common Equity Securities – Teleflex Incorporated |  | 13,422 |  |  | 13,422 |  |  |  |  |  |  |
Diversified United Kingdom Equity |  | 875 |  |  | 875 |  |  |  |  |  |  |
Diversified Global |  | 2,884 |  |  | 2,884 |  |  |  |  |  |  |
Emerging Markets |  | 1,266 |  |  | 1,266 |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |
Long duration bond fund (e) |  | 92,553 |  |  | 92,553 |  |  |  |  |  |  |
UK corporate bond fund |  | 2,719 |  |  | 2,719 |  |  |  |  |  |  |
UK Government bond fund |  | 5,078 |  |  | 5,078 |  |  |  |  |  |  |
High yield bond fund (f) |  | 11,618 |  |  | 11,618 |  |  |  |  |  |  |
Emerging markets debt fund (g) |  | 8,531 |  |  |  |  |  | $ | 8,531 |  |  |  |
Corporate, government and foreign bonds |  | 81 |  |  |  |  |  | 81 |  |  |  |
Asset backed – home loans |  | 782 |  |  |  |  |  | 782 |  |  |  |
Other types of investments: |  |  |  |  |  |  |  |
Structured credit (h) |  | 31,176 |  |  |  |  |  |  |  |  | $ | 31,176 |
Hedge fund of funds (i) |  | 23,171 |  |  |  |  |  |  |  |  | 23,171 |
UK Property Fund (j) |  | 1,549 |  |  |  |  |  | 1,549 |  |  |  |
Multi asset fund (k) |  | 2,986 |  |  | 2,986 |  |  |  |  |  |  |
Other |  | 5 |  |  |  |  |  |  |  |  | 5 |
Total |  | $ | 328,830 |  |  | $ | 263,535 |  |  | $ | 10,943 |  |  | $ | 54,352 |
(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 United States and non-United States 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 United States 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 securities issued or guaranteed by the United States 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.
(f) | 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.
(g) | 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 United States 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.
(h) | This category comprises 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.
(i) | This category comprises a hedge fund that invests in various other hedge funds. As of December 31, 2015 and 2014:
• | approximately 41% and 33%, 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 12% and 10%, respectively, of the assets were held in tactical/directional based funds, including global macro, long/short equity, commodity and systematic quantitative strategies;
• | approximately 19% and 24%, respectively, of the assets were held in relative value based funds, including convertible and fixed income arbitrage, credit long/short and volatility arbitrage strategies; and
• | approximately 28% and 33%, respectively, of the assets were held in funds with an event driven strategy.
(j) | This category comprises a fund that invests primarily in UK freehold and leasehold property. The fund does not invest in higher risk activities such as developments. The fund may invest in indirect vehicles and property derivatives.
(k) | This category comprises a mutual fund that invests primarily in equities and bonds.
Reconciliation of Changes in Level 3 Pension Assets Measured at Fair Value on Recurring Basis | The following table provides a reconciliation of changes in pension assets measured at fair value on a recurring basis, using Level 3 inputs, from December 31, 2013 through December 31, 2015:
| (Dollars in thousands)
Balance at December 31, 2013 | $ | 51,654 |
Unrealized gain on assets | 2,698 |
Balance at December 31, 2014 | 54,352 |
Unrealized gain on assets | (2,157 | )
Balance at December 31, 2015 | $ | 52,195 |
Expected Benefit Payments | The following table provides information about the Company’s 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 $0.2 million:
| Pension |  | Other Benefits
| (Dollars in thousands)
2016 | $ | 18,580 |  |  | $ | 3,307 |
2017 | 19,394 |  |  | 3,349 |
2018 | 20,139 |  |  | 3,323 |
2019 | 20,957 |  |  | 3,387 |
2020 | 21,602 |  |  | 3,456 |
Years 2021 — 2025 | 119,017 |  |  | 17,882 |

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