v3.26.1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans

12. 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 June 30, 2026 and December 31, 2025 were as follows:

 

 

 

 

 

As of

 

 

As of

 

(In thousands)

 

Balance Sheet Location

 

June 30, 2026

 

 

December 31, 2025

 

Non-current pension asset

 

Other non-current assets

 

$

3,360

 

 

$

2,291

 

Current pension liability

 

Accrued wages and benefits

 

 

(362

)

 

 

(372

)

Non-current pension liability

 

Non-current pension liability

 

 

(6,357

)

 

 

(6,277

)

Net pension liability

 

 

 

$

(3,359

)

 

$

(4,358

)

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(In thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost

 

$

934

 

 

$

421

 

 

$

1,782

 

 

$

810

 

Interest cost

 

 

607

 

 

 

525

 

 

 

973

 

 

 

1,011

 

Expected return on plan assets

 

 

(752

)

 

 

(635

)

 

 

(1,273

)

 

 

(1,223

)

Amortization of actuarial losses

 

 

20

 

 

 

12

 

 

 

40

 

 

 

23

 

Net periodic pension cost

 

$

809

 

 

$

323

 

 

$

1,522

 

 

$

621

 

 

The components of net periodic pension cost, other than the service cost component, are included in other income (expense), 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 $1.4 million and $2.0 million during the six months ended June 30, 2026 and 2025, respectively. Contributions to the defined benefit pension plans for the remainder of 2026 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 $1.2 million.