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Pension and other postretirement benefits
 9 Months Ended
Sep. 29, 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 September 29, 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 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 third quarter of 2024, we finalized the premiums owed for the group annuity contract, which resulted in a refund of pension trust assets and a corresponding reduction to the pre-tax settlement charge of $5.4 million. 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”). In July 2024, we transferred $34.2 million of the surplus plan assets to a suspense account within the Teleflex 401(k) Savings Plan, a qualified defined contribution plan. As of September 29, 2024, the surplus assets contributed to the suspense account are included within prepaid and other current assets and other assets on the condensed consolidated balance sheet. These assets are restricted for future use in accordance with our election to use them to fund future employer contributions to participants in the Teleflex 401(k) Savings Plan. For additional information regarding the surplus plan assets classified as restricted cash equivalents
included within prepaid and other current assets and other assets for the quarter ended September 29, 2024, refer to Note 1 within the condensed consolidated financial statements included in this report.

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 nine months ended September 29, 2024 and October 1, 2023:
Three Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
PensionOther Benefits
Service cost$64 $358 $— $— 
Interest cost279 4,291 69 245 
Expected return on plan assets(132)(6,332)— — 
Net amortization and deferral167 2,092 (708)(494)
Settlements(5,407)— — — 
Net benefit expense (income)$(5,029)$409 $(639)$(249)
Nine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Pension
Other Benefits
Service cost$727 $1,078 $— $— 
Interest cost2,668 12,985 288 618 
Expected return on plan assets(2,461)(18,957)— — 
Net amortization and deferral1,685 6,402 (1,998)(1,172)
Settlements
132,732 — — — 
Net benefit expense (income)
$135,351 $1,508 $(1,710)$(554)
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.