v3.26.1
Pension and post-retirement benefit obligations
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Pension and post-retirement benefit obligations Pension and post-retirement benefit obligations
The Swiss employee pension plan is a defined benefit scheme that fully reinsures disability, death, and longevity risks while guaranteeing 100% of capital and interest through vested capital investment. The assets are invested by the pension plan of the collective foundation, to which many companies contribute, in a diversified portfolio that respects the requirements of the Swiss BVG.
Although, as is the case with many Swiss pension plans, the amount of ultimate pension benefit is not defined, certain legal obligations of the plan create constructive obligations on the employer to pay further contributions to fund an eventual deficit; this results in the plan nevertheless being accounted for as a defined benefit plan.
The net periodic benefit cost for the three and six months ended June 30, 2026 and 2025 is as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Net periodic benefit cost:
Service cost$141 $209 $284 $397 
Interest cost28 28 57 53 
Expected return on plan assets(37)(72)(74)(137)
Amortization of prior service cost(43)(47)(87)(89)
Amortization of actuarial losses— 5 — 10 
  Net periodic benefit cost$89 $123 $180 $234 

The components of net periodic benefit cost are included in operating expense on the unaudited condensed consolidated statements of operations.