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Defined Benefit Pension Plans
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Defined Benefit Pension Plans

6. Defined Benefit Pension Plans

Net periodic cost related to all of the Company's defined benefit pension plans recognized in the Company's unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 included the following components:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2024

 

 

June 30,
2023

 

 

June 30,
2024

 

 

June 30,
2023

 

Service cost

 

$

378

 

 

$

356

 

 

$

762

 

 

$

713

 

Interest cost

 

 

5,734

 

 

 

5,983

 

 

 

11,480

 

 

 

11,922

 

Expected return on assets

 

 

(6,414

)

 

 

(6,796

)

 

 

(12,823

)

 

 

(13,568

)

Amortization of actuarial loss

 

 

3,128

 

 

 

3,005

 

 

 

6,314

 

 

 

5,983

 

Net periodic cost

 

$

2,826

 

 

$

2,548

 

 

$

5,733

 

 

$

5,050

 

 

For the three months ended June 30, 2024 and 2023, the non-service components of net periodic pension expense totaled $2,448,000 and $2,192,000, respectively. For the six months ended June 30, 2024 and 2023, the non-service components of net periodic pension expense totaled $4,971,000 and $4,337,000, respectively. These amounts are included in "Other Loss, net" on the unaudited Condensed Consolidated Statements of Operations.

 

For the six months ended June 30, 2024, the Company made no contributions to the U.S. defined benefit pension plan and $1,205,000 to the U.K. defined benefit pension plans, as compared with no contributions to the U.S. defined benefit pension plan and $1,025,000 to the U.K. defined benefit pension plans during the six months ended June 30, 2023.