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v3.23.1

Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2023
Retirement Benefits [Abstract] |
Employee Benefit Plans | Note 13. Employee Benefit Plans Defined Contribution Plans We have a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code covering all U.S. employees and defined contribution plans for other Incyte employees in Europe and Japan. Employees may contribute a portion of their compensation, which is then matched by us, subject to certain limitations. Defined contribution expense for the three months ended March 31, 2023 and 2022 was $5.6 million and $4.9 million, respectively. Defined Benefit Pension Plans We have defined benefit pension plans for our employees in Europe which provide benefits to employees upon retirement, death or disability. The assets of the pension plans are held in collective investment accounts represented by the cash surrender value of an insurance policy and are classified as Level 2 within the fair value hierarchy. The net periodic benefit cost was as follows (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Service cost |  |  |  |  | $ | 2,088 |  |  | $ | 2,522 |
Interest cost |  |  |  |  | 617 |  |  | 64 |
Expected return on plan assets |  |  |  |  | (1,540) |  |  | (1,071) |
Amortization of prior service cost |  |  |  |  | 103 |  |  | 194 |
Amortization of actuarial losses |  |  |  |  | 90 |  |  | 88 |
Net periodic benefit cost |  |  |  |  | $ | 1,358 |  |  | $ | 1,797 |
The components of net periodic benefit cost other than the service cost component are included in Interest income and other, net on the condensed consolidated statements of operations. We expect to contribute a total of $8.0 million to the pension plans in 2023 inclusive of the amounts contributed to the plan during the current period.

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