Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 170

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1A
Chunk 170
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   We have a defined benefit pension plan (pension plan) that covers certain U.S. employees. On  December 31, 2010, the pension plan was frozen and accrual of benefits was discontinued. We contributed $0.2 million to the plan in 2024, but did not contribute to the plan during the two years ended  December 31, 2023. We intend to contribute to this plan in 2025, but the amount has not been determined.

     During the
    second quarter of
    2023, we entered into an agreement committing the pension plan to use a portion of its assets to purchase an annuity from an insurance company (Insurer) to transfer approximately
    $11.8 million of the pension plan’s pension liabilities. Under the terms of this agreement, we irrevocably transferred to the Insurer all future pension plan benefit obligations for approximately 
    500 Tidewater participants (Transferred Participants) effective in
     April 2023. This annuity transaction was funded entirely with existing pension plan assets. The Insurer assumed responsibility for administrative and customer service support of the pension plan, including distribution of payments to the Transferred Participants. We recognized a
    $1.8 million settlement gain in the
    second quarter of
    2023 in connection with this transaction.

     The pension plan was amended to allow active and terminated plan participants to elect a lump sum distribution for a defined period during
    2023. Approximately
    50 plan participants opted to take the lump sum distribution receiving total proceeds of
    $2.2 million funded entirely from pension plan assets. We recognized a
    $0.5 million settlement gain in the
    fourth quarter of
    2023 in connection with this transaction.

   Supplemental Executive Retirement Plan 
    
   We offered a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provides pension benefits to certain employees in excess of those allowed under our tax-qualified pension plan. The supplemental plan was closed to new participation in 2010 and was frozen effective  January 1, 2018. We contributed $1.4 million, $1.6 million and $1.6 million for each of the years ended  December 31, 2024, 2023 and 2022, respectively. Any future accrual of benefits under the supplemental plan or other contributions to the supplemental