Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 1067

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 1067
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 for pension plans with an accumulated benefit obligation in excess of plan assets (includes both the pension plans and supplemental plan):

     (In Thousands)   December 31,    December 31,  
   2024    2023  
 Projected and accumulated benefit obligation  $48,048  $50,097 
 Fair value of plan assets   30,255   30,843 

   Net periodic combined benefit cost for the pension plans and the supplemental plan includes the following components:

     (In Thousands)   Year Ended December 31,  
  2024  2023  2022 
 Interest cost  $2,572  $2,873  $2,313 
 Expected return on plan assets   (1,828)  (2,111)  (3,006)
 Amortization of net actuarial gains (losses)   (94)  (146)  63 
 Settlement/curtailment gain   —   (2,177)  — 
 Net periodic pension cost (benefit)  $650  $(1,561) $(630)

   The components of the net periodic combined pension cost are included in the caption “Interest income and other, net.” 

       102

   Other changes in combined plan assets and benefit obligations recognized in other comprehensive (income) loss include the following components:

       Pension Benefits  
 (In Thousands)   Year Ended December 31,  
  2024  2023  2022 
 Total net (gain) loss recognized in other comprehensive (income) loss  $(511) $3,522  $(6,404)

   We do not expect to recognize any unrecognized actuarial (loss) gain or unrecognized prior service credit (cost) as a component of net periodic benefit costs during the next year.
    
   Discount rates of 5.65% and 5.25% were used to determine net benefit obligations as of  December 2024 and 2023, respectively.
    
   Assumptions used to determine net periodic benefit costs are as follows:

       Pension Benefits  
   2024    2023  
 Discount rate   5.3%  5.5%
 Expected long-term rate of return on assets   6.3%  6.4%

   To