Defined Benefit Plans

3 Months Ended

Mar. 31, 2025

14. Defined Benefit Plans

In connection with the Acquisition, the Company acquired certain defined benefit plans in two international locations. Pension benefits under these plans are based on the employees' age, years of service, and compensation levels during their employment period.

The Company performed pension valuations as of the Acquisition date and recorded net liabilities of $5.0 million within other non-current liabilities in its condensed consolidated balance sheet. These represent an aggregate fair value of plan assets of $5.8 million and aggregate projected benefit obligation of $10.8 million as of the date of Acquisition. The plan assets, financed by the employer and employee contributions, are invested in cash, bonds, equities, real estate, and alternative investments.

The following table summarizes the components of the Company’s net periodic benefit cost related to the Company’s defined benefit pension plans:


	February 3, 2025 - March 31, 2025
	(In thousands)
Service cost	$	153
Interest cost	27
Expected return on plan assets	(29)
Total net periodic benefit cost	$	151

The service cost component of net periodic benefit cost is recorded within operating expenses in the condensed consolidated statements of income while the other components are recorded in other income, net.

There were no cash contributions required to be made to the Company’s defined benefit plans during the period from February 2, 2025 through March 31, 2025.