UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
(Mark One)
x ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 2019
OR
o TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the transition period from _________________________________ to
______________________________
Commission File Number: 001-05353
____________________
A.Full
title of the plan and the address of the plan, if different from
that of the issuer named below:
Teleflex 401(k) Savings Plan
B.Name
of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Teleflex Incorporated
550 East Swedesford Road, Suite
400
Wayne, Pennsylvania 19087
TELEFLEX 401(k) SAVINGS PLAN
AUDITED FINANCIAL STATEMENTS AND SCHEDULE
Years Ended December 31, 2019 and 2018
TABLE OF CONTENTS
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Page No. |
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
1 |
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AUDITED FINANCIAL STATEMENTS |
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Statements of Net Assets Available for Benefits |
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Statements of Changes in Net Assets Available for
Benefits |
4 |
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Notes to Financial Statements |
5 |
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SUPPLEMENTAL SCHEDULE |
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Schedule H, Line 4i - Schedule of Assets (Held at End of
Year) |
12 |
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Report of Independent Registered Public Accounting
Firm
To the Plan Administrator and Plan Participants
Teleflex 401(k) Savings Plan
Wayne, Pennsylvania
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available
for benefits of the Teleflex 401(k) Savings Plan (the “Plan”) as of
December 31, 2019 and 2018, and the related statements of changes
in net assets available for benefits for the years then ended, and
the related notes and schedules (collectively referred to as the
“financial statements”). In our opinion, the financial statements
present fairly, in all material respects, the net assets available
for benefits of the Plan as of December 31, 2019 and 2018, and the
changes in net assets available for benefits for the years ended
December 31, 2019 and 2018, in conformity with accounting
principles generally accepted in the United States of
America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the
Plan’s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting
Oversight Board (United States) ("PCAOB") and are required to be
independent with respect to the Plan in accordance with the U.S.
federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error
or fraud. Teleflex 401(k) Savings Plan is not required to have, nor
were we engaged to perform, an audit of its internal control over
financial reporting. As part of our audits we are required to
obtain an understanding of internal control over financial
reporting but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control over financial
reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis
for our opinion.
Supplemental Information
The supplemental information in the accompanying Schedule H, Line
4i – Schedule of Assets (Held at End of Year) as of December 31,
2019 has been subjected to audit procedures performed in
conjunction with the audit of the Plan’s financial statements. The
supplemental information is the responsibility of the Plan’s
management. Our audit procedures included determining whether the
supplemental information reconciles to the financial statements or
the underlying accounting and other records, as applicable, and
performing procedures to test the completeness and accuracy of the
information presented in the supplemental information. In forming
our opinion on the supplemental information, we evaluated whether
the supplemental information, including its form and content, is
presented in conformity with the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. In our opinion, the
supplemental information is fairly stated, in all material
respects, in relation to the financial statements as a
whole.
We have served as the Plan’s auditor since 2004.
/s/ Maillie LLP
Oaks, Pennsylvania
June 26, 2020
________________
TELEFLEX 401(k) SAVINGS PLAN
STATEMENTS OF NET ASSETS
AVAILABLE FOR BENEFITS
December 31, 2019 and 2018
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2019 |
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2018 |
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ASSETS |
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Cash and cash equivalents |
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$ |
5,339 |
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$ |
— |
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Investments, at fair value |
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Registered investment companies |
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388,130,546 |
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311,576,929 |
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Common stock fund |
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113,433,359 |
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88,539,848 |
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Investments, at fair value |
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501,563,905 |
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400,116,777 |
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Investments, at contract value |
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34,756,729 |
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36,086,351 |
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TOTAL INVESTMENTS |
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536,320,634 |
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436,203,128 |
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Receivables |
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Participant loans receivable |
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7,770,393 |
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6,784,060 |
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Employer profit sharing receivable |
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254,249 |
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— |
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TOTAL RECEIVABLES |
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8,024,642 |
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6,784,060 |
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NET ASSETS |
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AVAILABLE FOR BENEFITS |
$ |
544,350,615 |
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$ |
442,987,188 |
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See accompanying notes
TELEFLEX 401(k) SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
For the years ended December 31, 2019 and 2018
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2019 |
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2018 |
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ADDITIONS TO NET ASSETS |
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Contributions |
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Employer |
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$ |
14,651,682 |
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$ |
13,230,182 |
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Employee |
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25,747,261 |
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23,306,047 |
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Rollover |
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6,425,574 |
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11,266,515 |
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Other contributions |
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63,147 |
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256,056 |
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TOTAL CONTRIBUTIONS |
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46,887,664 |
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48,058,800 |
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Investment income |
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Interest and dividends |
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15,873,861 |
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15,333,764 |
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Net appreciation (depreciation) in fair value of
investments |
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99,091,398 |
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(28,917,065) |
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TOTAL INVESTMENT (LOSS) INCOME |
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114,965,259 |
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(13,583,301) |
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TOTAL ADDITIONS |
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161,852,923 |
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34,475,499 |
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DEDUCTIONS FROM NET ASSETS |
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Benefits paid to participants |
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59,879,122 |
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39,952,377 |
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Administrative fees |
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534,025 |
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549,000 |
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Other deductions |
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76,349 |
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— |
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TOTAL DEDUCTIONS |
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60,489,496 |
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40,501,377 |
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NET INCREASE (DECREASE) |
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101,363,427 |
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(6,025,878) |
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NET ASSETS AVAILABLE FOR BENEFITS |
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BEGINNING OF YEAR |
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442,987,188 |
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449,013,066 |
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END OF YEAR |
$ |
544,350,615 |
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$ |
442,987,188 |
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See accompanying notes
TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
NOTE A GENERAL
DESCRIPTION OF THE PLAN AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
General Description of the Plan
A general description of the Teleflex 401(k) Savings Plan (the
“Plan”) follows. Participants should refer to the Plan document for
a more complete description of the Plan’s provisions.
General
-
The Plan is a defined contribution plan, which was implemented
effective July 1, 1985. Certain employees of Teleflex Incorporated
(the “Company”) or one of its related entities that is a
participating employer in the Plan who have attained age 21 are
eligible to participate in the Plan. Full-time and part-time
employees are eligible to enter the Plan at their date of hire. The
Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974, as amended (ERISA).
The Plan includes an employee stock ownership plan (ESOP) feature,
as defined in Section 4975(e)(7) of the Internal Revenue Code of
1986, as amended (Code). The ESOP feature permits a participant to
elect to have any dividend paid on the shares of Company common
stock allocated to his or her account either paid in cash or
deposited into his or her account in the ESOP portion of the Plan
and reinvested in the Company common stock fund.
Safe Harbor Plan/Automatic Contributions
- The Plan is intended to satisfy the requirements to be a
“qualified automatic contribution arrangement” (QACA) with the
meaning of Code Sections 401(k)(13) and 401(m)(12), as well as an
“eligible automatic contribution arrangement” (EACA) within the
meaning of Code Section 414(w). The EACA permits a penalty-free
distribution of “accidental” automatic deferrals made to the Plan
within 90 days of the effective date of a participant’s first
automatic contribution. The QACA is a safe harbor plan design that
allows the Plan to automatically satisfy annual nondiscrimination
tests (the actual deferral percentage (ACP) and the actual
contribution percentage (ACP) tests.
Under the safe harbor design, once a participant becomes eligible
to participate in the Plan, the participant is automatically
enrolled at a 3% deferral rate unless opting out of the automatic
deferral feature. Thereafter, the automatic deferral percentage
increases by 1% each year up to a maximum automatic deferral of 6%.
As part of the QACA, the Company makes “Safe Harbor Matching
Contributions” in an amount equal to 100% of a participant’s
“elective deferral contributions”, described below, up to 5% of the
participant’s compensation.”
Contributions
- Participants were able to contribute up to the lesser of $19,000
and $18,500 or 50% of their annual compensation during 2019 and
2018, respectively. These contributions are referred to as
“elective deferral contributions” and are withheld from
participant’s pay on a pre-tax basis for federal income tax and
most state income tax purposes. However, participants may designate
all or part of their elective deferral contributions as “Roth
elective deferral contributions.” Roth elective deferral
contributions are made on an after-tax basis for federal income tax
purposes.
In addition, participants who reach age 50 or older and contribute
the maximum permitted under the Plan may make an additional pre-tax
contribution (a “catch-up contribution”) of up to $6,000 during
2019 and 2018. As with regular elective deferral contributions,
participants may elect to designate all or part of their catch-up
contributions as after-tax “Roth catch-up contributions.”
Participants may also contribute amounts representing distributions
from other qualified benefit plans (via a rollover into the Plan).
As stated above, the Company makes employer Safe Harbor Matching
Contributions equal to 100% of elective deferral contributions
(including Roth elective deferral contributions and catch-up
contributions) up to 5% of compensation. For purposes of
calculating contributions, compensation is limited to a maximum of
$280,000 and $275,000 during 2019 and 2018,
respectively.
TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
Participant Accounts
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Each participant’s account is credited with the participant’s
contribution and the employer matching contribution, as well as an
allocation of Plan earnings. Participants may access their accounts
via a website and toll-free telephone number. Fund transfers and
investment election changes may be elected daily or once in a
30-day timeframe depending on fund type. A participant may stop,
start, or change their 401(k) salary deferral rate at
will.
Plan Loans
-
Active employees may elect to take up to two loans from the Plan at
any given time. As required by law, a loan amount is limited to the
lesser of $50,000 or 50% of the participant’s vested account and
must be repaid within five years unless the loan is for the
purchase of a primary residence. Loan repayments are processed via
payroll deduction on an after-tax basis. The entire unpaid balance
on any outstanding loan and all interest due thereon will be
processed as a taxable distribution and will reduce the
participant’s distributable account balance if any of the following
occur: (i) a participant fails to make an installment payment due
under the loan by the last day of the calendar quarter following
the calendar quarter in which the required installment payment was
due; (ii) a participant on a leave of absence has an unpaid amount
for a period of a year; or (iii) a participant incurs a severance
from employment.
Vesting
- Participants are always 100% vested in their own 401(k) elective
deferral contributions. With the exception of certain discretionary
employer contributions (if any) that become 100% vested after three
years of employment, the Company’s Safe Harbor Matching
Contributions become 100% vested after two years of
employment.
Payment of Benefits
- The Plan provides that a participant may elect to withdraw 100%
of his or her vested account balance at termination of employment.
A participant who is an employee and has attained age 59½ may elect
to withdrawal any portion of his non-forfeitable account in
accordance with the procedures established by the Plan
Administrator. Withdrawals shall be made on a pro-rata basis if a
Participant elects to make a withdrawal from more than one
sub-account in his account. In addition, a participant may elect a
hardship withdrawal, as defined by the Plan, of his or her elective
deferral contributions, Roth elective deferral contributions,
catch-up contributions and Roth catch-up contributions. A
participant may elect to withdraw his or her rollover account at
any time.
Forfeitures
- Forfeitures of terminated participants’ nonvested accounts are
used to pay Plan expenses and reduce the amount of future
contributions required to be made to the Plan by the Company and
the other participating employers in the Plan. The amount of
unallocated forfeitures at December 31, 2019 and 2018 were $189,526
and $108,085, respectively.
Plan Termination
- Although it has not expressed any intent to do so, the Company
has the right to discontinue its contributions at any time and to
terminate the Plan at any time, subject to the provisions set forth
in ERISA. In the event of Plan termination, distribution of
participant accounts shall be in accordance with ERISA and its
applicable regulations and Article V of the Plan
document.
Plan Amendments
- The Company amended and restated the Teleflex 401(k) Savings Plan
effective January 1, 2019 to (i) remove union provisions, (ii)
remove the 1,000 hours of required work hours for participation for
part-timers, (iii) change the minimum participant deferral limit
from two percent to one percent, (iv) allow installment payments
for certain identified distributions and (v) provide that a
participant's death benefit under the Plan is paid as soon as
administratively practicable after notification of the
participant's death, regardless of whether a spouse beneficiary
consents to such payment timing.
Significant Accounting Policies
The significant accounting policies of the Plan employed in the
preparation of the accompanying financial statements
follow:
Investments
- Participants direct the investment of their contributions into
various investment
TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
options offered by the Plan. The Plan currently offers several
mutual funds, a common collective trust, as well as the Company
common stock fund as investment options for
participants.
Valuation of investments
- The Plan’s investments are stated at fair value, except for fully
benefit responsive investment contracts, pursuant to the provisions
of Financial Accounting Standards Board (FASB) Accounting Standards
Codification (ASC) No. 820,
Fair Value Measurements and Disclosures.
Fair value of a financial instrument is the price that would be
received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement
date. See Note E for further information on fair value
measurements.
The Vanguard Retirement Savings Trusts, as described in Note F,
which are fully benefit responsive investment contracts, are
reported at contract value. Contract value is the relevant
measurement attributable to fully benefit responsive investment
contracts because contract value is the amount participants would
receive if they were to initiate permitted transactions under the
terms of the Plan. See Note F for further information on fully
benefit responsive investment contracts.
Participant Loans Receivable
- All transactions
are measured at their unpaid principal balance plus any accrued but
unpaid interest. Any individual credit risk related to participant
loans is mitigated by the fact that these loans are secured by the
participant’s vested balance. If a participant were to default, the
participant’s account balance would be offset by the unpaid balance
of the loan, and the participant would be subject to tax on the
unpaid loan balance. As such, the participant is the only party
affected in the event of a default.
Revenue Recognition and Method of Accounting
-
All transactions are recorded on the accrual basis. Purchases and
sales of investments are recorded on a trade-date basis. Interest
income is accrued when earned. Dividend income is recorded on the
ex-dividend date. Capital gain distributions are included in
dividend income. Net appreciation (depreciation) includes the gains
and losses on investments bought and sold as well as held during
the year. Expenses are recorded as incurred.
Use of Estimates
-
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that
affect certain reported amounts of assets, liabilities and changes
therein and disclosure of contingent assets and liabilities. Actual
results could differ from those estimates.
Reclassifications
- Certain reclassifications have been made to the prior year
financial information to conform to the current year
presentation.
NOTE B ADMINISTRATION
OF THE PLAN
The Plan is administered by a committee of at least three members
appointed by the Company’s Board of Directors. The committee is the
Plan Administrator and fiduciary for ERISA purposes. The Company
appointed Vanguard Fiduciary Trust Company (Vanguard) as trustee
and third-party administrator of the Plan effective September 30,
2004. Effective September 30, 2019, the Company appointed Charles
Schwab Bank (Schwab) to replace Vanguard as the trustee and
third-party administrator of the Plan. Schwab charges a per
participant fee for the administrative services that it provides to
the Plan. Actively employed participants pay a small portion of the
participant fee on a quarterly basis. The Company and any other
Company affiliate that participates in the Plan (a "Participating
Employer") pay the remaining portion of the fee for participants
who are actively employed by the Company or a Participating
Employer. Participants who are not actively employed by the Company
or a Participating Employer pay the per participant administrative
fee from their Plan accounts. Investment management fees charged by
each mutual fund are netted against returns. Investment management
fees charged by the Vanguard Retirement Savings Trusts, which are
common collective investment trusts, are charged to participants
with balances in the respective trust.
TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
NOTE C TAX
STATUS OF THE PLAN
The Plan obtained its latest determination letter on August 4,
2015, in which the Internal Revenue Service stated that the Plan,
as then designed, was in compliance with the applicable
requirements of the Internal Revenue Service Code.
Accounting principles generally accepted in the United States of
America require the Plan’s management to evaluate tax positions
taken by the Plan and recognize a tax liability or asset if the
Plan has taken an uncertain position that more likely than not
would not be sustained upon examination by the Internal Revenue
Service. The Plan Administrator has analyzed the tax positions by
the Plan and has concluded that as of December 31, 2019 and 2018,
there are no uncertain positions taken or expected to be taken that
would require recognition of a liability or asset or disclosure in
the financial statements. The Plan is subject to routine audits by
taxing jurisdictions; however, there are currently no audits for
any tax periods in progress. The Plan is no longer subject to
income tax examinations for years prior to 2016.
NOTE D RELATED
PARTY TRANSACTIONS AND PARTY IN INTEREST TRANSACTIONS
The Plan participants invest in shares of registered investment
companies and a collective trust fund managed by affiliates of
Vanguard or the trustee. The Plan participants also invest in
shares of the Company’s stock through the Teleflex Incorporated
common stock fund. The common stock fund held approximately 300,933
and 340,547 shares of the Teleflex Incorporated common stock
representing 21% and 20% of Plan assets as of December 31, 2019 and
2018, respectively. These transactions, in addition to participant
loan receivables, qualify as party-in-interest transactions and are
exempt from the prohibited transactions rules.
Certain administrative functions of the Plan are performed by
officers or employees of the Company. No such officer or employee
received compensation from the Plan.
NOTE E
FAIR
VALUE MEASUREMENTS
FASB ASC 820 establishes a framework for measuring fair value. That
framework provides a fair value hierarchy that prioritizes the
inputs to valuation techniques used to measure fair value. The
hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level
3 measurements). The three levels of the fair value hierarchy under
FASB ASC 820 are described as follows:
Level 1 -
inputs to the valuation methodology are unadjusted quoted prices
for identical assets or liabilities in active markets that the Plan
has the ability to access.
Level 2
- inputs to the fair value measurement that include quoted prices
for similar assets or liabilities in active markets; quoted prices
for identical or similar assets or liabilities in markets that are
not active; inputs other than quoted prices that are observable for
the asset or liability; and inputs that are derived principally
from or corroborated by observable market data by correlation or
other means.
Level 3 -
inputs to the fair value measurement that are unobservable inputs
for the asset or liability.
The asset or liability’s fair value measurement level within the
fair value hierarchy is based on the lowest level of any input that
is significant to the fair value measurement. Valuation techniques
used need to maximize the use of observable inputs and minimize the
use of unobservable inputs.
TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
A summary by level within the fair value hierarchy (as defined
above) of the Plan’s investments measured at fair value on a
recurring basis is as follows:
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Level 1 |
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Level 2 |
|
12/31/2019 |
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Registered investment companies |
$ |
388,130,546 |
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$ |
— |
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$ |
388,130,546 |
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Company common stock fund |
|
— |
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|
113,433,359 |
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|
113,433,359 |
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Total |
$ |
388,130,546 |
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$ |
113,433,359 |
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$ |
501,563,905 |
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Level 1 |
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Level 2 |
|
12/31/2018 |
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|
|
|
|
|
|
Registered investment companies |
$ |
311,576,929 |
|
$ |
— |
|
$ |
311,576,929 |
|
|
Company common stock fund |
|
— |
|
|
88,539,848 |
|
|
88,539,848 |
|
|
Total |
$ |
311,576,929 |
|
$ |
88,539,848 |
|
$ |
400,116,777 |
|
The following is a description of the valuation methodologies used
for assets measured at fair value. There have been no changes in
the methodologies used at December 31, 2019 and December 31,
2018.
Registered investment companies are valued at quoted market prices,
which represent the net asset value of shares held by the Plan at
year end.
The Company common stock fund is valued at the combined market
value of the underlying stock based upon the closing price of the
stock on its primary exchange times the number of shares held and
the short-term cash component at year end.
NOTE F
VANGUARD
RETIREMENT SAVINGS TRUSTS
As of December 31, 2019, and 2018 a portion of the Plan’s
investments were in the Vanguard Retirement Savings Trust III
(savings trust referred collectively as the “common collective
trusts” or the "Vanguard Trusts"). The underlying investments in
the common collective trusts are primarily in a pool of investment
contracts that are issued by insurance companies and commercial
banks and in contracts that are backed by high-quality bonds, bond
trusts and bond mutual funds. These contracts meet the fully
benefit responsive investment contract criteria and therefore are
presented at contract value in determining the net assets available
for benefits. Contract value represents contributions made under
the contract, plus earnings, less withdrawals. The contract value
is based on the net asset value of the fund as reported by
Vanguard, the trustee, and is determined based on the units of the
common collective trust fund held by the Plan at year end times the
respective unit value. Investment contracts include traditional
guaranteed investment contracts (GICs), synthetic investment
contracts (SICs) including wrapper contracts, and short term
investments such as a money market fund. The following represents
the disaggregation of investments by type of investment contract
included in the common collective trusts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
|
|
Guaranteed investment contracts |
|
$ |
1,573,580 |
|
|
$ |
1,576,169 |
|
|
Synthetic investment contracts |
|
32,322,364 |
|
|
31,449,206 |
|
|
Short term investments |
|
882,685 |
|
|
2,945,666 |
|
|
Other assets (liabilities) |
|
(21,900) |
|
|
115,310 |
|
|
Investments, at contract value |
|
$ |
34,756,729 |
|
|
$ |
36,086,351 |
|
Participants may ordinarily direct the withdrawal or transfer of
all or a portion of their investment in the Vanguard Trusts at
contract value daily without any redemption notice or restrictions.
Plan level initiated transactions require a twelve month redemption
notice in order to withdrawal at contract value. Plan level
initiated transactions with less than a twelve month redemption
notice may incur
TELEFLEX 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
an adjustment to contract value.
The existence of certain conditions can limit the trust’s ability
to transact at contract value with issuers of its investment
contracts. Specifically, any event outside the normal operation of
the common collective trusts that causes a withdrawal from an
investment contract may result in a negative market value
adjustment with respect to the withdrawal. Examples of such events
include, but are not limited to, partial or complete legal
termination of the trust or a unitholder, tax disqualification of
the trust or unitholder, and certain trust amendments if issuers’
consent is not obtained. As of December 31, 2019, the
occurrence of an event outside the normal operation of the trust
that would cause a withdrawal from an investment contract is not
considered to be probable.
In general, issuers may terminate the contract and settle at other
than contract value if there is a change in the qualification
status of a participant, employer, or plan, a breach of material
obligations under the contract and misrepresentation by the
contract holder, or failure of the underlying portfolio to conform
to the pre-established investment guidelines.
NOTE G
RISKS
AND UNCERTAINTIES
Investment securities, in general, are exposed to various risks,
such as interest rate, credit, and overall market volatility risks.
Due to the level of risk associated with certain investments
securities, it is reasonably possible that changes in the values of
investment securities will occur in the near term and such changes
could materially affect participants’ account balances and the
amounts reported in the statement of net assets available for
benefits.
NOTE H
SUBSEQUENT
EVENTS
Plan Management has evaluated all events or transactions that
occurred through June 26, 2020, the date the financial statements
were issued and determined that there are no matters requiring
adjustment to or disclosure in the accompanying financial
statements and related notes other than the matter described
below.
On March 11, 2020, the World Health Organization declared the
global outbreak of COVID-19 to be a pandemic. The COVID-19 pandemic
has significantly impacted economic activity and markets around the
world. The COVID-19 pandemic has also led to extreme volatility in
financial markets and has affected, and may continue to affect, the
market price of the Company’s common stock and other Plan assets.
While the potential economic impact brought by, and the duration
of, COVID-19 is difficult to assess or predict, a widespread
pandemic could result in significant disruption of global financial
markets. The extent to which COVID-19 impacts the financial markets
will depend on future developments that are highly uncertain and
cannot be predicted.
On March 27, 2020, the “Coronavirus Aid, Relief, and Economic
Security (CARES) Act” was signed into law in the United States. The
CARES Act, among other things, includes several relief provisions
available to tax-qualified retirement plans and their participants.
Participants eligible for the relief include those who (i) are
diagnosed with COVID-19, (ii) have a spouse or dependent diagnosed
with COVID-19 or (iii) experience certain adverse consequences due
to the virus. Plan management has evaluated the relief provisions
available under the CARES Act to eligible Plan participants and has
implemented the following provisions:
•Made
available, with no early withdrawal penalty and tax/repayment
flexibility, coronavirus-related distributions up to
$100,000;
•Increased
the available loan amount as described in Note A to the lesser of
$100,000 or 100% of the participant's vested account
balance;
•Permitted
loan repayments originally due on or after March 27, 2020 to be
delayed until December 31, 2020; and
•Waived
the required minimum distribution for those age 70 ½ and older for
2020.
Supplemental Schedule
TELEFLEX 401(k) SAVINGS PLAN
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF
YEAR)
Year Ended December 31, 2019
Plan EIN# 23-1147939, Plan 010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
|
|
|
|
|
|
|
Identity of Issuer, Borrower, |
|
(c) |
|
(e) |
|
(a) |
|
Lessor, or Similar Party |
|
Description of Investment |
|
Current Value |
|
|
|
|
|
|
|
|
|
|
|
American Funds New Perspective Fund; Class R-6 |
|
Registered Investment Company |
|
$ |
1,735,307 |
|
|
|
|
American Funds New World Fund; Class R6 |
|
Registered Investment Company |
|
862,242 |
|
|
|
|
Delaware Value Fund; Class R6 |
|
Registered Investment Company |
|
13,798,932 |
|
|
|
|
JPMorgan Small Cap Equity Fund; Class R6 |
|
Registered Investment Company |
|
4,115,589 |
|
|
|
|
Metropolitan West Total Return Bond Fund; P Class |
|
Registered Investment Company |
|
1,772,375 |
|
|
* |
|
Vanguard Explorer Fund: Admiral Shares |
|
Registered Investment Company |
|
10,096,281 |
|
|
* |
|
Vanguard Extended Market Index Fund: Admiral Shares |
|
Registered Investment Company |
|
5,356,715 |
|
|
* |
|
Vanguard Federal Money Market Fund |
|
Registered Investment Company |
|
3,100,429 |
|
|
* |
|
Vanguard Inflation-Protected Securities Fund: Admiral
Shares |
|
Registered Investment Company |
|
884,025 |
|
|
* |
|
Vanguard Institutional Target Retirement 2015 Fund |
|
Registered Investment Company |
|
5,216,825 |
|
|
* |
|
Vanguard Institutional Target Retirement 2020 Fund |
|
Registered Investment Company |
|
10,843,082 |
|
|
* |
|
Vanguard Institutional Target Retirement 2025 Fund |
|
Registered Investment Company |
|
29,688,692 |
|
|
* |
|
Vanguard Institutional Target Retirement 2030 Fund |
|
Registered Investment Company |
|
25,565,890 |
|
|
* |
|
Vanguard Institutional Target Retirement 2035 Fund |
|
Registered Investment Company |
|
41,110,076 |
|
|
* |
|
Vanguard Institutional Target Retirement 2040 Fund |
|
Registered Investment Company |
|
24,577,534 |
|
|
* |
|
Vanguard Institutional Target Retirement 2045 Fund |
|
Registered Investment Company |
|
25,907,224 |
|
|
* |
|
Vanguard Institutional Target Retirement 2050 Fund |
|
Registered Investment Company |
|
15,135,807 |
|
|
* |
|
Vanguard Institutional Target Retirement 2055 Fund |
|
Registered Investment Company |
|
10,471,179 |
|
|
* |
|
Vanguard Institutional Target Retirement 2060 Fund |
|
Registered Investment Company |
|
3,384,505 |
|
|
* |
|
Vanguard Institutional Target Retirement 2065 Fund |
|
Registered Investment Company |
|
351,168 |
|
|
* |
|
Vanguard Institutional Target Retirement Income Fund |
|
Registered Investment Company |
|
2,433,748 |
|
|
* |
|
Vanguard Institutional Index Fund |
|
Registered Investment Company |
|
32,930,833 |
|
|
* |
|
Vanguard International Growth: Admiral Shares |
|
Registered Investment Company |
|
16,152,777 |
|
|
* |
|
Vanguard Real Estate Index: Admiral Shares |
|
Registered Investment Company |
|
1,483,011 |
|
|
* |
|
Vanguard Small-Cap Index Fund: Admiral Shares |
|
Registered Investment Company |
|
1,896,027 |
|
|
* |
|
Vanguard Strategic Equity Fund |
|
Registered Investment Company |
|
11,932,953 |
|
|
* |
|
Vanguard Total Bond Market Index Fund Institutional
Shares |
|
Registered Investment Company |
|
15,638,625 |
|
|
* |
|
Vanguard Total International Stock Index Fund Institutional
Shares |
|
Registered Investment Company |
|
12,426,363 |
|
|
* |
|
Vanguard Total World Stock Index Fund: Admiral Shares |
|
Registered Investment Company |
|
733,983 |
|
|
* |
|
Vanguard US Growth Admiral Shares |
|
Registered Investment Company |
|
27,544,533 |
|
|
* |
|
Vanguard Wellington Fund Admiral Shares |
|
Registered Investment Company |
|
30,983,816 |
|
|
* |
|
Teleflex Stock Fund |
|
Unitized Stock Fund |
|
113,433,359 |
|
|
* |
|
Vanguard Retirement Savings Trust III |
|
Common Collective Trust |
|
34,756,729 |
|
|
* |
|
Participant Loans, 5.0% to 11.0% |
|
Participant Loans with various maturities through August
2049 |
|
7,770,393 |
|
|
|
|
|
|
|
|
$ |
544,091,027 |
|
|
*Party-in-interest. |
|
|
|
|
|
|
|
Cost information not required as all investments are
participant-directed. |
|
|
|
|
|
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly
authorized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Teleflex 401(k) Savings Plan |
|
|
|
|
|
|
|
|
|
|
|
By: |
|
/s/ Cameron P. Hicks |
|
|
|
|
|
Cameron P. Hicks
Vice President, Global Human Resources
|
Dated: June 26, 2020
INDEX TO EXHIBITS
|
|
|
|
|
|
|
|
|
|
Exhibit No. |
|
Description |
|
|
|
|
|
23.1 |
- |
Consent of Independent Registered Public Accounting
Firm |
Teleflex (NYSE:TFX)
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Teleflex (NYSE:TFX)
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