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Defined benefit and 401(k) savings plan
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Defined benefit and 401(k) savings plan Defined benefit and 401(k) savings plan
Define benefit pension plan
The Company historically sponsored a defined benefit pension plan covering eligible employees in Switzerland (the "Swiss Plan"), which was sold as part of our travel health business to Bavarian Nordic, as described further in Note 3, "Divestiture". Under the Swiss Plan, the Company and certain of its employees with annual earnings in excess of government determined amounts were required to make contributions into a fund managed by an independent investment fiduciary. Employer contributions must be in an amount at least equal to the employee’s contribution. The Swiss Plan's assets were comprised of an insurance contract that had a fair value consistent with its contract value based on the practicability exception using Level 3 inputs. The entire liability was listed as non-current because plan assets were greater than the expected benefit payments over the next year. The Company recognized pension expense related to the Swiss Plan of $0.6 million, $0.8 million and $2.0 million, reflected as a component of selling, general and administrative expenses, for the years ended December 31, 2023, 2022 and 2021, respectively.
The funded status of the Swiss Plan for the years ended December 31, 2022 is as follows:
Year Ended December 31,
2022
Change in Plan Assets:
Fair value of plan assets, beginning of period$29.3 
Employer contributions1.5 
Employee contributions0.9 
Net benefits received3.4 
Actual return on plan assets(0.4)
Settlements(5.0)
Currency impact(0.4)
Fair value of plan assets, end of period$29.3 
Change in Benefit Obligation:
Projected benefit obligation, beginning of period$46.8 
Service cost1.9 
Interest Cost0.1 
Employee contributions0.9 
Actuarial gain(10.0)
Net benefits received3.4 
Settlements(5.0)
Currency impact(0.9)
Projected benefit obligation, end of period$37.2 
Funded status, end of period$(7.9)
Accumulated benefit obligation, end of period$34.0 
Components of net periodic pension cost incurred during the years ended December 31, 2023, 2022 and 2021 are as follows:
Year Ended December 31,
2023 (1)
20222021
Service cost$0.7 $1.9 $2.4 
Interest cost0.3 0.1 — 
Expected return on plan assets(0.4)(0.8)(0.8)
Amortization of loss— 0.1 0.6 
Amortization of prior service credit— (0.1)(0.2)
Settlements— (0.4)— 
Net periodic benefit cost$0.6 $0.8 $2.0 
(1) The Swiss Plan was sold as part of our travel health business to Bavarian Nordic, as described further in Note 3, "Divestiture".
The weighted average assumptions used to calculate the projected benefit obligations were as follows:
 
December 31, 2022
Discount rate2.1 %
Expected rate of return3.5 %
Rate of future compensation increases1.8 %
The overall expected long-term rate of return on assets assumption considers historical returns, as well as expected future returns based on the fact that investment returns are insured, and the legal minimum interest crediting rate as applicable.
The following table presents gains (losses) recognized in accumulated other comprehensive income (loss) before income tax related to the Company’s defined benefit pension plans:
December 31, 2022
Net actuarial gain$9.0 
Prior service cost(0.3)
Total recognized in other comprehensive income (loss)$8.7 
There were no future benefits expected to be paid as of December 31, 2023.
401(k) savings plan
The Company has established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code (the "401(k) Plan"). The 401(k) Plan covers substantially all U.S. employees. Under the 401(k) Plan, employees may make elective salary deferrals. During the years ended December 31, 2023, 2022 and 2021, the Company made matching contributions of approximately $8.3 million, $8.8 million and $8.9 million, respectively.