Pension Plans

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Pension Plans

Pension Plans

Foreign Defined Benefit Pension Plans

Our subsidiaries in Japan, Korea, Malaysia, the Philippines and Taiwan sponsor defined benefit pension plans. Charges to expense are based upon actuarial analyses. The components of net periodic pension cost for these defined benefit pension plans are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
	(In thousands)
Service cost	$	6,548	$	7,722	$	20,083	$	22,803
Interest cost	1,199		1,281		3,682		3,774
Expected return on plan assets	(1,384)		(1,420)		(4,247)		(4,175)
Recognized actuarial loss	32		14		96		42
Net periodic pension cost	$	6,395	$	7,597	$	19,614	$	22,444

The components of net periodic pension cost other than the service cost component are included in other (income) expense, net in our Consolidated Statements of Income.

Defined Contribution Pension Plans

We sponsor defined contribution pension plans in Korea, Malaysia, Taiwan and the U.S. The following table summarizes our defined contribution expense:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
	(In thousands)
Defined contribution expense	$	4,807	$	3,618	$	16,803	$	12,159

Korean Severance Plan

In October 2021, some employees accepted our offer to convert their Korean severance and defined benefit pension plan participation to a defined contribution plan. This will result in the conversion of approximately $20 million of obligations from our Korean severance plan to a defined contribution plan, which is expected to be funded during the fourth quarter of 2021.