Pension And Other Postretirement Benefits

3 Months Ended

Apr. 01, 2012

Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits

Note 11 — Pension and other postretirement benefits

The Company has 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. 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 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 service was less than 65.

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 consisted of the following:

	Pension Three Months Ended						Other Postretirement  Benefits Three Months Ended
	April 1, 2012			March 27, 2011			April 1, 2012		March 27, 2011
	(Dollars in thousands)
Service cost	$	678		$	579		$	158	$	198
Interest cost		4,126			4,244			473		550
Expected return on plan assets		(5,043	)		(4,901	)		—		—
Net amortization and deferral		1,606			1,056			123		70
Net benefit cost	$	1,367		$	978		$	754	$	818

The increase in net amortization expense for the pension and postretirement benefit plans reflects the loss in actuarial changes in benefit obligation recorded at December 31, 2011.

The Company is required to make minimum pension contributions totaling $19.5 million during 2012, of which $7.9 million were made during the three months ended April 1, 2012.