XML 318 R25.htm IDEA: XBRL DOCUMENT v3.25.0.1
Defined benefit and 401(k) savings plan
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Defined benefit and 401(k) savings plan Defined benefit and 401(k) savings plan
Defined benefit pension plan
Prior to 2024, the Company 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, and the sale is described further in Note 3, “Divestitures”. 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 were required 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 no pension expense related to the Swiss Plan for the year ended December 31, 2024. The Company recognized pension expense related to the Swiss Plan of $0.6 million and $0.8 million, reflected as a component of selling, general and administrative expenses, for the years ended December 31, 2023 and 2022, respectively.
Components of net periodic pension cost incurred during the years ended December 31, 2023 and 2022 were as follows:
Year Ended December 31,
2023 (1)
2022
Service cost$0.7 $1.9 
Interest cost0.3 0.1 
Expected return on plan assets(0.4)(0.8)
Amortization of loss— 0.1 
Amortization of prior service credit— (0.1)
Settlements— (0.4)
Net periodic benefit cost$0.6 $0.8 
(1) The Swiss Plan was sold as part of our travel health business to Bavarian Nordic, as described further in Note 3, “Divestitures”.
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, 2024, 2023 and 2022, the Company made matching contributions of approximately $5.7 million, $8.3 million and $8.8 million, respectively.