Orion SA
For the period ended Mar 31, 2024. Filed May 2, 2024.
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Mar 31, 2024 · Filed May 2, 2024
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Employee Benefit Plans
Note F. Employee Benefit Plans
Provisions for pensions are established to cover benefit plans for retirement, disability and surviving dependents’ pensions. The benefit obligations vary depending on the legal, tax and economic circumstances in various countries in which the Company operates. Generally, the level of benefit depends on the length of service and the remuneration.
Net periodic defined benefit pension costs include the following:
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In millions) | ||
| Service cost | $0.3 | $0.3 |
| Interest cost | 0.4 | 0.6 |
| Amortization of actuarial (gain) | — | (2.2) |
| Net periodic pension cost | $0.7 | $(1.3) |
Service costs were recorded in Income from operations in Selling, general and administrative expenses, and interest costs were recorded in Interest and other financial expense, net.
The amortization of actuarial (gain) losses, associated with the pension obligations recorded in prior years, in Accumulated other comprehensive income exceeding 10% of the defined benefit obligation are recorded ratably in the Condensed Consolidated Statements of Operations.
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