Defined Benefit Pension Plans

6 Months Ended

Jun. 30, 2023

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, 2022.

Amounts recognized on the Consolidated Balance Sheets consist of:

In thousands	June 30, 2023		December 31, 2022
Assets
Plan assets in other long-term assets	$	161	$	162
Liabilities
Current portion of pension benefit obligation in wages and benefits payable	$	3,894	$	3,400
Long-term portion of pension benefit obligation	59,739		57,839
Pension benefit obligation, net	$	63,472	$	61,077

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 includes the following components:

	Three Months Ended June 30,				Six Months Ended June 30,
In thousands	2023		2022		2023		2022
Service cost	$	636	$	708	$	1,240	$	1,502
Interest cost	721		423		1,433		866
Expected return on plan assets	(89)		(80)		(176)		(163)
Amortization of prior service costs	15		18		30		36
Amortization of actuarial net loss	(122)		196		(243)		431
Net periodic benefit cost	$	1,161	$	1,265	$	2,284	$	2,672

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.