Defined Benefit Pension Plans

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Defined Benefit Pension Plans

Defined Benefit Pension Plans

We 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, 2020.

Amounts recognized on the Consolidated Balance Sheets consist of:

In thousands	September 30, 2021		December 31, 2020
Liabilities
Current portion of pension benefit obligation in wages and benefits payable	$	3,822	$	3,069
Long-term portion of pension benefit obligation	114,771		119,457
Pension benefit obligation, net	$	118,593	$	122,526

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 September 30,				Nine Months Ended September 30,
In thousands	2021		2020		2021		2020
Service cost	$	1,125	$	1,007	$	3,376	$	3,000
Interest cost	345		434		1,046		1,364
Expected return on plan assets	(87)		(85)		(264)		(365)
Amortization of prior service costs	17		17		51		49
Amortization of actuarial net loss	681		482		2,070		1,390
Settlement	—		286		—		286
Net periodic benefit cost	$	2,081	$	2,141	$	6,279	$	5,724

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.