Defined Benefit Pension Plans

6 Months Ended

Jun. 30, 2020

Defined Benefit Pension PlansWe sponsor both funded and unfunded defined benefit pension plans offering death and disability, retirement, and special termination benefits for certain of our international employees, primarily in Germany, France, Indonesia, India, and Italy. The defined benefit obligation is calculated annually by using the projected unit credit method. The measurement date for the pension plans was December 31, 2019.

Amounts recognized on the Consolidated Balance Sheets consist of:


In thousands	June 30, 2020		December 31, 2019
Assets
Plan assets in other long-term assets	$	—	$	44

Liabilities
Current portion of pension benefit obligation in wages and benefits payable	3,716		2,885
Long-term portion of pension benefit obligation	99,184		98,712

Pension benefit obligation, net	$	102,900	$	101,553

Our asset investment strategy focuses on maintaining a portfolio using primarily insurance funds, which are accounted for as investments and measured at fair value, in order to achieve our long-term investment objectives on a risk adjusted basis. Our general funding policy for these qualified pension plans is to contribute amounts sufficient to satisfy regulatory funding standards of the respective countries for each plan.

Net periodic pension benefit cost for our plans include the following components:


	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2020		2019		2020		2019
Service cost	$	1,017	$	892	$	1,993	$	1,971
Interest cost	457		573		930		1,155
Expected return on plan assets	(134)		(153)		(280)		(309)
Amortization of prior service costs	16		16		32		33
Amortization of actuarial net loss	453		342		908		687

Net periodic benefit cost	$	1,809	$	1,670	$	3,583	$	3,537

The components of net periodic benefit cost, other than the service cost component, are included in total other income (expense) on the Consolidated Statements of Operations.