Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

v3.23.3
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plans
Note M – Employee Benefit Plans
Post-Retirement Benefit Plans
The Company sponsors various post-retirement benefit plans for certain non-U.S. employees through its wholly-owned subsidiary, Space NV, including two cash balance plans: (i) a defined benefit pension plan with risk-based coverage for death and disability benefits (collectively, the “Base Plan”) and (ii) a supplementary pension bonus plan that provides variable remuneration linked to employees’ performance (the “Performance Plan”). The Company has taken actions to mitigate the risk related to its post-retirement benefit plans through pension risk transfer transactions whereby the Company subscribes to group insurance policies, which are funded by employee and employer premiums determined at the beginning of each plan year. The Company has determined that the unit of account is the insurance contract and therefore, on a plan-by-plan basis, recognizes the net funded status as either a net liability, to the extent that the benefit obligation exceeds the fair value of plan assets, or a net asset, to the extent that the fair value of plan assets exceeds the benefit obligation.

As of September 30, 2023 and December 31, 2022, the Company maintained two dormant pension accounts for former ROS employees who have chosen not to transfer their contributions to a new employer as of the respective dates. The Company’s obligations under these plans were not significant individually or in the aggregate and, as such, are not included in the following tables. Prior to the acquisition of Space NV on October 31, 2022, the Company did not participate in any defined benefit plans. Therefore, there were no corresponding amounts reflected in the Company’s consolidated financial statements prior to that date.
Income Statement Information
The table below provides the components of net periodic benefit cost and other amounts recognized in the condensed consolidated statements of operations and comprehensive income (loss) for the following periods:
Three Months Ended Nine Months Ended
September 30, 2023 September 30, 2023
Base Plan Performance Plan Base Plan Performance Plan
Net periodic benefit cost:
Service cost $ 82  $ 12  $ 247  $ 408 
Interest cost 58  25  175  74 
Expected return on plan assets (57) (27) (173) (71)
Net periodic benefit cost $ 83  $ 10  $ 249  $ 411 

Contributions
The required funding of our qualified defined benefit pension plans is determined in accordance with Belgium Regulation. The table below presents contributions made by the employee and employer for the following periods:
Three Months Ended Nine Months Ended
September 30, 2023 September 30, 2023
Contributions by: Base Plan Performance Plan Base Plan Performance Plan
Employee $ 58  $ —  $ 159  $ — 
Employer 99  —  267  403