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Pension and other postretirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2017
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
| 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015
| (Dollars in thousands)
Service cost | $ | 2,887 |  |  | $ | 2,615 |  |  | $ | 1,880 |  |  | $ | 279 |  |  | $ | 355 |  |  | $ | 495 |
Interest cost | 15,137 |  |  | 15,711 |  |  | 17,948 |  |  | 1,577 |  |  | 1,595 |  |  | 1,967 |
Expected return on plan assets | (26,809 | ) |  | (24,786 | ) |  | (25,940 | ) |  | — |  |  | — |  |  | — |
Net amortization and deferral | 6,734 |  |  | 6,567 |  |  | 6,159 |  |  | 275 |  |  | 454 |  |  | 216 |
Net benefit expense (income) | $ | (2,051 | ) |  | $ | 107 |  |  | $ | 47 |  |  | $ | 2,131 |  |  | $ | 2,404 |  |  | $ | 2,678 |
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 benefit obligations:
| Pension |  | Other Benefits
| 2017 |  | 2016 |  | 2017 |  | 2016
Discount rate | 3.6 | % |  | 4.2 | % |  | 3.6 | % |  | 4.1 | %
Rate of compensation increase | 2.6 | % |  | 2.8 | % |  |  |  |
Initial healthcare trend rate |  |  |  |  | 7.8 | % |  | 7.9 | %
Ultimate healthcare trend rate |  |  |  |  | 5.0 | % |  | 5.0 | %
The following table provides the weighted average assumptions for United States and foreign plans used in determining net benefit cost:
| Pension |  | Other Benefits
| 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015
Discount rate | 4.2 | % |  | 4.5 | % |  | 4.1 | % |  | 4.1 | % |  | 4.3 | % |  | 4.0 | %
Rate of return | 8.1 | % |  | 8.1 | % |  | 8.1 | % |  |  |  |  |  |
Initial healthcare trend rate |  |  |  |  |  |  | 7.9 | % |  | 8.4 | % |  | 7.3 | %
Ultimate healthcare trend rate |  |  |  |  |  |  | 5.0 | % |  | 5.0 | % |  | 5.0 | %
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, 2017 and 2016:
| Pension |  | Other Benefits
| 2017 |  | 2016 |  | 2017 |  | 2016
| Under Funded |  | Under Funded
| (Dollars in thousands)
Benefit obligation, beginning of year | $ | 430,574 |  |  | $ | 421,736 |  |  | $ | 47,487 |  |  | $ | 48,616 |
Service cost | 2,887 |  |  | 2,615 |  |  | 279 |  |  | 355 |
Interest cost | 15,137 |  |  | 15,711 |  |  | 1,577 |  |  | 1,595 |
Actuarial loss | 31,074 |  |  | 16,315 |  |  | 2,278 |  |  | 646 |
Currency translation | 3,916 |  |  | (4,300 | ) |  | — |  |  | — |
Benefits paid | (19,144 | ) |  | (18,887 | ) |  | (3,095 | ) |  | (3,946 | )
Medicare Part D reimbursement | — |  |  | — |  |  | 80 |  |  | 221 |
Plan amendments | — |  |  | — |  |  | 297 |  |  | — |
Curtailments | — |  |  | (23 | ) |  | — |  |  | — |
Administrative costs | (2,286 | ) |  | (2,593 | ) |  | — |  |  | — |
Projected benefit obligation, end of year | 462,158 |  |  | 430,574 |  |  | 48,903 |  |  | 47,487 |
Fair value of plan assets, beginning of year | 340,265 |  |  | 315,951 |  |  |  |  |
Actual return on plan assets | 53,065 |  |  | 36,620 |  |  |  |  |
Contributions | 12,670 |  |  | 12,752 |  |  |  |  |
Benefits paid | (19,144 | ) |  | (18,887 | ) |  |  |  |
Administrative costs | (2,286 | ) |  | (2,593 | ) |  |  |  |
Currency translation | 1,737 |  |  | (3,578 | ) |  |  |  |
Fair value of plan assets, end of year | 386,307 |  |  | 340,265 |  |  |  |  |
Funded status, end of year | $ | (75,851 | ) |  | $ | (90,309 | ) |  | $ | (48,903 | ) |  | $ | (47,487 | )
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
| 2017 |  | 2016 |  | 2017 |  | 2016
| (Dollars in thousands)
Other assets | $ | 1,596 |  |  | $ | 106 |  |  | $ | — |  |  | $ | — |
Payroll and benefit-related liabilities | (1,767 | ) |  | (1,640 | ) |  | (3,173 | ) |  | (3,200 | )
Pension and postretirement benefit liabilities | (75,680 | ) |  | (88,775 | ) |  | (45,730 | ) |  | (44,287 | )
Accumulated other comprehensive loss | 209,365 |  |  | 209,785 |  |  | 6,715 |  |  | 4,415 |
| $ | 133,514 |  |  | $ | 119,476 |  |  | $ | (42,188 | ) |  | $ | (43,072 | )
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss | The following tables set forth the amounts recognized in accumulated other comprehensive loss with respect to the plans:
| Pension
| Prior Service Cost |  | Net (Gain) or Loss |  | Deferred Taxes |  | Accumulated Other Comprehensive Loss, Net of Tax
| (Dollars in thousands)
Balance at December 31, 2015 | $ | 113 |  |  | $ | 213,188 |  |  | $ | (77,255 | ) |  | $ | 136,046 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | (34 | ) |  | (6,533 | ) |  | 2,339 |  |  | (4,228 | )
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | 4,481 |  |  | (1,603 | ) |  | 2,878 |
Curtailments | — |  |  | (23 | ) |  | 6 |  |  | (17 | )
Impact of currency translation | — |  |  | (1,407 | ) |  | 373 |  |  | (1,034 | )
Balance at December 31, 2016 | 79 |  |  | 209,706 |  |  | (76,140 | ) |  | 133,645 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | (28 | ) |  | (6,706 | ) |  | 2,395 |  |  | (4,339 | )
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | 4,818 |  |  | (1,119 | ) |  | 3,699 |
Curtailments | — |  |  | — |  |  | — |  |  | — |
Impact of currency translation | — |  |  | 1,496 |  |  | (413 | ) |  | 1,083 |
Balance at December 31, 2017 | $ | 51 |  |  | $ | 209,314 |  |  | $ | (75,277 | ) |  | $ | 134,088 |
| Other Benefits
| Prior Service Cost |  | Net (Gain) or Loss |  | Deferred Taxes |  | Accumulated Other Comprehensive Loss, Net of Tax
| (Dollars in thousands)
Balance at December 31, 2015 | $ | 107 |  |  | $ | 4,116 |  |  | $ | (1,382 | ) |  | $ | 2,841 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | (22 | ) |  | (432 | ) |  | 170 |  |  | (284 | )
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | 646 |  |  | (252 | ) |  | 394 |
Balance at December 31, 2016 | 85 |  |  | 4,330 |  |  | (1,464 | ) |  | 2,951 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | (77 | ) |  | (198 | ) |  | 101 |  |  | (174 | )
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | 2,278 |  |  | (558 | ) |  | 1,720 |
Plan amendments | 297 |  |  | — |  |  | (74 | ) |  | 223 |
Balance at December 31, 2017 | $ | 305 |  |  | $ | 6,410 |  |  | $ | (1,995 | ) |  | $ | 4,720 |
Fair Values of Pension Plan Assets | The following table provides the fair values of the Company’s pension plan assets at December 31, 2017 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 |  | $ | 1,324 |  |  | $ | 1,324 |  |  |  |  |  |  |
Money market funds |  | 51 |  |  | 51 |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |
Managed volatility (b) |  | 79,964 |  |  | 79,964 |  |  |  |  |  |  |
United States small/mid-cap equity (c) |  | 19,239 |  |  | 19,239 |  |  |  |  |  |  |
World Equity (excluding United States) (d) |  | 32,294 |  |  | 32,294 |  |  |  |  |  |  |
Common Equity Securities – Teleflex Incorporated |  | 29,087 |  |  | 29,087 |  |  |  |  |  |  |
Diversified Global |  | 6,353 |  |  | 6,353 |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |
Intermediate duration bond fund (e) |  | 23,378 |  |  | 23,378 |  |  |  |  |  |  |
Long duration bond fund (f) |  | 94,623 |  |  | 94,623 |  |  |  |  |  |  |
High yield bond fund (g) |  | 12,420 |  |  | 12,420 |  |  |  |  |  |  |
Emerging markets debt fund (h) |  | 9,184 |  |  | 9,184 |  |  |  |  |  |  |
Corporate, government and foreign bonds |  | 2,024 |  |  | 2,024 |  |  |  |  |  |  |
Asset backed – home loans |  | 454 |  |  |  |  |  | $ | 454 |  |  |  |
Other types of investments: |  |  |  |  |  |  |  |
Multi asset funds (i) |  | 11,114 |  |  | 6,187 |  |  | 4,927 |  |  |  |
Other |  | 5 |  |  |  |  |  |  |  |  | $ | 5 |
Total investments at fair value |  | $ | 321,514 |  |  | $ | 316,128 |  |  | $ | 5,381 |  |  | $ | 5 |
Investments measured at net asset value (j) |  | 64,793 |  |  |  |  |  |  |
Total |  | $ | 386,307 |  |  |  |  |  |  |  |  |  |
The following table provides the fair values of the Company’s pension plan assets at December 31, 2016 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 |  | $ | 437 |  |  | $ | 437 |  |  |  |  |  |  |
Money market funds |  | 76 |  |  | 76 |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |
Managed volatility (b) |  | 88,051 |  |  | 88,051 |  |  |  |  |  |  |
United States small/mid-cap equity (c) |  | 24,785 |  |  | 24,785 |  |  |  |  |  |  |
World Equity (excluding United States) (d) |  | 33,376 |  |  | 33,376 |  |  |  |  |  |  |
Common Equity Securities – Teleflex Incorporated |  | 18,838 |  |  | 18,838 |  |  |  |  |  |  |
Diversified Global |  | 5,086 |  |  | 5,086 |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |
Intermediate duration bond fund (e) |  | — |  |  |  |  |  |  |  |  |  |
Long duration bond fund (f) |  | 73,544 |  |  | 73,544 |  |  |  |  |  |  |
High yield bond fund (g) |  | 15,451 |  |  | 15,451 |  |  |  |  |  |  |
Emerging markets debt fund (h) |  | 9,412 |  |  | 9,412 |  |  |  |  |  |  |
Corporate, government and foreign bonds |  | 1,864 |  |  | 1,864 |  |  |  |  |  |  |
Asset backed – home loans |  | 527 |  |  |  |  |  | $ | 527 |  |  |  |
Other types of investments: |  |  |  |  |  |  |  |
Multi asset funds (i) |  | 9,622 |  |  | 5,460 |  |  | 4,162 |  |  |  |
Other |  | 5 |  |  |  |  |  |  |  |  | $ | 5 |
Total investments at fair value |  | $ | 281,074 |  |  | $ | 276,380 |  |  | $ | 4,689 |  |  | $ | 5 |
Investments measured at NAV (j) |  | 59,191 |  |  |  |  |  |  |
Total |  | $ | 340,265 |  |  |  |  |  |  |  |  |  |
(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 United States 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 United States 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 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.
(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 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.
(i) | This category comprises funds that may invest in equities, bonds, or derivatives.
(j) | This category comprises pooled institutional investments, primarily collective investment trusts. These funds are not available on an exchange or in an active market and these investments are valued using their NAV, 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 (“CDOs”) 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.
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)
2018 | $ | 20,636 |  |  | $ | 3,173 |
2019 | 20,865 |  |  | 3,201 |
2020 | 21,419 |  |  | 3,387 |
2021 | 22,171 |  |  | 3,414 |
2022 | 23,024 |  |  | 3,579 |
Years 2023 — 2027 | 124,398 |  |  | 18,147 |

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- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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