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Pension and Other Postretirement Benefit Plans
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefit Plans

8. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

Prior to January 2020, one of our subsidiaries provided a noncontributory defined benefit pension plan covering substantially all of our Dutch employees (“Dutch Plan”) who were hired prior to 2000. This pension benefit was based on years of service and final pay or career average pay, depending on when the employee began participating. The Dutch Plan was curtailed prior to January 2020, and these employees have been moved into the Dutch defined contribution plan. However, the unconditional indexation for this group of participants continues for so long as they remain in active service with the Company.

The following table summarizes the components of net periodic pension cost under the Dutch Plan (in thousands):

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Interest cost

 

$

354

 

 

$

367

 

Expected return on plan assets

 

 

(290

)

 

 

(326

)

Net periodic pension cost

 

$

64

 

 

$

41