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Employee Benefit Plans
 9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans

15. EMPLOYEE BENEFIT PLANS

 

We maintain defined benefit pension plans covering employees in certain foreign countries. Pension benefit plan obligations are based on various assumptions used by its actuaries in calculating these amounts. These assumptions include discount rates, compensation rate increases, expected return on plan assets, retirement rates and mortality rates. Actual results that differ from the assumptions and changes in assumptions could affect future expenses and obligations. The Company's net pension liability totaled $16.2 million and $11.4 million as of September 30, 2022 and December 31, 2021, respectively.

 

The following table summarizes the components of net periodic pension cost related to a defined benefit pension plan covering employees in certain foreign countries:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(In thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

 

$

478

 

 

$

307

 

 

$

981

 

 

$

931

 

Interest cost

 

 

204

 

 

 

84

 

 

 

638

 

 

 

257

 

Expected return on plan assets

 

 

(465

)

 

 

(460

)

 

 

(1,384

)

 

 

(1,396

)

Amortization of actuarial losses

 

 

81

 

 

 

272

 

 

 

254

 

 

 

825

 

Net periodic pension cost

 

$

298

 

 

$

203

 

 

$

489

 

 

$

617

 

 

The components of net periodic pension cost, other than the service cost component, are included in other income, net in the Condensed Consolidated Statements of Loss. Service cost is included in cost of revenue, selling, general and administrative expenses and research and development expenses in the Condensed Consolidated Statements of Loss. The Company made contributions to the defined benefit pension plans totaling $1.2 million during the nine months ending September 30, 2022. Contributions to the defined benefit pension plans for the remainder of 2022 will be limited to benefit payments to retirees which are paid out of the operating cash flows of the Company and are expected to be approximately $0.6 million.