IDEXX Retirement and Incentive Savings Plan

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

IDEXX Retirement and Incentive Savings Plan

IDEXX RETIREMENT AND INCENTIVE SAVINGS PLAN

We have established the IDEXX Retirement and Incentive Savings Plan (the “401(k) Plan”). U.S. employees eligible to participate in the 401(k) Plan may contribute specified percentages of their salaries. We match a portion of these contributions, not to exceed 5% of participants’ eligible compensation. We matched $28.3 million, $25.8 million, and $23.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. In addition, we may make contributions to the 401(k) Plan at the discretion of the Board of Directors. There were no discretionary contributions in 2022, 2021 or 2020.

We also have established defined contribution plans for regional employees in Europe and in Canada. With respect to these plans, our contributions over the past three years have not been material.

Defined Benefit Pension Obligations

Our Swiss defined benefit pension plans “(Swiss Plans”) are government-mandated retirement plans that provide employees with a minimum investment return. We account for our Swiss Plans in accordance with ASC 715-30, “Defined Benefit Plans - Pension.” As of December 31, 2022, our Swiss Plans had an unfunded net pension obligation of $4.0 million, with a fair value of plan assets of $12.5 million. The investments of the plan assets are measured using a mix of Level 1, Level 2, and Level 3 inputs. For the year ended December 31, 2022, we recognized $1.5 million in expense related to the Swiss Plans. The expense was reflected in cost of revenue, sales & marketing expense, general and administrative expense, and research and development expense, based on employee classification.

Future benefits expected to be paid as of December 31, 2022, are as follows:

(in thousands)	December 31, 2022
2023	875
2024	1,075
2025	974
2026	804
2027	1,085
2028 through 2032	5,354