Quarterly report pursuant to Section 13 or 15(d)

Employee Defined Benefit Retirement Plans

v3.22.1
Employee Defined Benefit Retirement Plans
 3 Months Ended
Mar. 31, 2022
Retirement Benefits [Abstract]  
Employee Defined Benefit Retirement Plans Employee Defined Benefit Retirement PlansPension and Other Defined Benefit Retirement ObligationsIn connection with a 2020 acquisition, the Company assumed an obligation of $7.9 million associated with certain defined benefit retirement plans, including a pension plan. As of March 31, 2022 and December 31, 2021, the defined benefit obligation was $4.5 million and $4.5 million, respectively. The benefit is based on a formula applied to eligible employee earnings. Net periodic benefit costs were $0.1 million and $0.1 million for the three months ended March 31, 2022 and 2021 and were recorded to research and development expenses in the consolidated statements of income.