Defined Benefit Pension Plans

3 Months Ended

Mar. 31, 2024

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, India, and Indonesia. The defined benefit obligation is calculated annually by using the projected unit credit method. The measurement date for the pension plans was December 31, 2023.

Amounts recognized on the Consolidated Balance Sheets consist of:

In thousands	March 31, 2024		December 31, 2023
Assets
Plan assets in other long-term assets	$	74	$	80
Liabilities
Current portion of pension benefit obligation in wages and benefits payable	$	3,647	$	3,623
Long-term portion of pension benefit obligation	62,626		63,887
Pension benefit obligation, net	$	66,199	$	67,430

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 March 31,
In thousands	2024		2023
Service cost	$	635	$	604
Interest cost	681		712
Expected return on plan assets	(73)		(87)
Amortization of prior service costs	34		15
Amortization of actuarial net loss	(85)		(121)
Net periodic benefit cost	$	1,192	$	1,123

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.