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Pension and other postretirement benefits
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Pension and other postretirement benefits Pension and other postretirement benefits
We have 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. Our 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. As of March 31, 2024, no further benefits are being accrued under the U.S. defined benefit pension plans and the other postretirement benefit plans, other than certain postretirement benefit plans covering employees subject to a collective bargaining agreement.

In 2023, we began the execution of a plan to terminate the Teleflex Incorporated Retirement Income Plan (the “TRIP”), a U.S. defined benefit pension plan. The TRIP is subject to Title IV of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and, therefore, must be terminated in accordance with the requirements of ERISA and the process governed by the Pension Benefit Guaranty Corporation (the “PBGC”). The termination date of the TRIP was August 1, 2023, which is the date upon which the timing of the requirements for the formal termination process is based. On September 8, 2023, we filed the required notice regarding the TRIP termination with the PBGC. The termination process requires that all TRIP benefits be distributed to participants, beneficiaries and alternate payees or transferred to a group annuity contract or the PBGC. In December of 2023, we made payments to eligible participants, beneficiaries and alternate payees who elected the one-time lump sum distribution option offered in connection with the TRIP termination, resulting in the recognition of a pre-tax settlement charge of $45.2 million during the fourth quarter of 2023.

During the first quarter of 2024, we purchased a group annuity contract, using TRIP assets, which resulted in the recognition of a pre-tax settlement charge of $138.1 million during the six months ended June 30, 2024. The participants, beneficiaries, and alternate payees whose benefits were transferred to the group annuity contract will each receive from such group annuity contract the full value of their benefit that accrued under the TRIP. The assets in the Teleflex Retirement Income Plan Trust exceed the estimated liability for amounts to be transferred to the PBGC for missing participants and beneficiaries (“surplus plan assets”). As of June 30, 2024, the surplus plan assets were $37.7 million, which is included in Other Assets on the condensed consolidated balance sheet.

In connection with the termination of the TRIP, we transferred $34.2 million of the surplus assets in July 2024 to a suspense account within the Teleflex 401(k) Savings Plan, a qualified defined contribution plan. We plan to use the transferred surplus plan assets to fund employer contributions to participants in the Teleflex 401(k) Savings Plan over the next several years.

The following table provides information regarding the components of the net benefit (income) expense of the pension and postretirement benefit plans for the three and six months ended June 30, 2024 and July 2, 2023:
Three Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Pension
Other Benefits
Service cost$62 $360 $— $— 
Interest cost271 4,344 110 187 
Expected return on plan assets(128)(6,315)— — 
Net amortization and deferral164 2,156 (645)(339)
Net benefit expense (income)
$369 $545 $(535)$(152)
Six Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Pension
Other Benefits
Service cost$663 $720 $— $— 
Interest cost2,389 8,694 219 373 
Expected return on plan assets(2,329)(12,625)— — 
Net amortization and deferral1,518 4,310 (1,290)(678)
Settlements
138,139 — — — 
Net benefit expense (income)
$140,380 $1,099 $(1,071)$(305)
The components of net benefit expense (income) other than settlements are primarily included in selling, general and administrative expenses within the condensed consolidated statements of income.