Pension and Other Benefit Programs |
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| Pension and Other Benefit Programs | 10. Pension and Other Benefit Programs Effective June 1, 2026, the Company amended its Swiss defined benefit pension plan and introduced a new supplementary defined contribution plan for employees with compensation above $168,233 (CHF 136,080). The amendment increased pensionable salary limits and added a pre-retirement death benefit for the broader employee population, reduced the pensionable salary cap for management (now covered above that threshold by the defined contribution plan), and increased the Company's contribution rate from 60% to 70% across both employee populations. The Company determined this was a significant plan amendment under ASC 715 and performed an interim remeasurement as of June 1, 2026. The remeasurement resulted in a net prior service credit of approximately $48,379 (CHF 39,133), deferred in AOCI and amortized over the average remaining service period of active participants. The increase in the Company's share of employee savings contributions is recognized prospectively as service cost. Net periodic pension costs related to the Company’s defined benefit pension plan refers only to Swiss employees and, for the three and six months ended June 30, 2026 and 2025, can be summarized as follows:
Employer contributions for the three and six months ended June 30, 2026 was $31 thousand and $57 thousand, respectively. The Company’s expected contributions for fiscal year 2026 are $115 thousand. Service cost is reported in general and administrative expenses. Certain other components of net periodic pension costs are reported in interest income, net in the Condensed Consolidated Statements of Operations. The defined contribution plan is accounted for separately from the defined benefit plan, with contributions expensed as incurred and excluded from the net periodic pension cost table above. |
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