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Employee Benefit Plans
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans

11. EMPLOYEE BENEFIT PLANS

Pension Benefit Plan

We maintain a defined benefit pension plan covering employees in certain foreign countries. The net amounts recognized in the Condensed Consolidated Balance Sheets for the unfunded pension liability as of March 31, 2025 and December 31, 2024 were as follows:

 

 

 

 

As of

 

 

As of

 

(In thousands)

 

Balance Sheet Location

 

March 31, 2025

 

 

December 31, 2024

 

Non-current pension asset

 

Other non-current assets

 

$

540

 

 

$

517

 

Current pension liability

 

Accrued wages and benefits

 

 

(317

)

 

 

(303

)

Non-current pension liability

 

Non-current pension liability

 

 

(8,886

)

 

 

(8,983

)

Total

 

 

 

$

(8,663

)

 

$

(8,769

)

 

The Company's defined benefit pension liability represents the projected benefit obligation, which is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of retirement.

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

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2025

 

 

2024

 

Service cost

 

$

389

 

 

$

340

 

Interest cost

 

 

486

 

 

 

285

 

Expected return on plan assets

 

 

(588

)

 

 

(360

)

Amortization of actuarial losses

 

 

11

 

 

 

2

 

Net periodic pension cost

 

$

298

 

 

$

267

 

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 $1.1 million and $1.2 million during the three months ended March 31, 2025 and 2024, respectively. Contributions to the defined benefit pension plans for the remainder of 2025 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 $2.1 million.