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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-US and US plans is as follows:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year Endedthroughthrough
December 31, 2022December 31, 2021February 5, 2021
Non-USUSNon-USUSNon-USUS
Benefit obligation at beginning of period$63,066 $243,538 $63,729 $256,417 $67,943 $266,090 
Interest cost1,368 6,753 1,228 5,993 97 615 
Actuarial loss (gain)(19,328)(63,739)1,548 (6,465)(4,366)(6,491)
Benefits paid(2,041)(9,772)(2,456)(7,199)(138)(1,515)
Settlements and curtailments— (342)— (5,208)— (2,282)
Foreign exchange rate changes(6,090)— (983)— 193 — 
Benefit obligation at end of period$36,975 $176,438 $63,066 $243,538 $63,729 $256,417 
Reconciliation of Changes in Fair Value of Plan Assets
A reconciliation of the changes in fair value of plan assets is as follows:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
 Year Endedthroughthrough
 December 31, 2022December 31, 2021February 5, 2021
 Non-USUSNon-USUSNon-USUS
Fair value of plan assets at beginning of period$78,465 $226,830 $79,146 $221,743 $83,808 $222,417 
Actual return on plan assets(28,402)(43,354)2,998 12,254 (4,763)838 
Employer contributions— 376 — 5,240 — 2,285 
Benefits paid(2,041)(9,772)(2,456)(7,199)(138)(1,515)
Plan participants’ contributions— (342)— (5,208)— (2,282)
Foreign exchange rate changes(7,380)— (1,223)— 239 — 
Fair value of plan assets at end of period$40,642 $173,738 $78,465 $226,830 $79,146 $221,743 
Funded Status of Plans
The funded status of the plans is as follows:
Successor
 Year Ended December 31,Year Ended December 31,
 20222021
 Non-USUSNon-USUS
Funded status$3,667 $(2,700)$15,399 $(16,708)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Consolidated Balance Sheets consist of:
Successor
 Year Ended December 31,Year Ended December 31,
 20222021
 Non-USUSNon-USUS
Other assets (noncurrent)$3,667 $2,722 $15,399 $971 
Other liabilities (current)— (205)— (67)
Other liabilities (noncurrent)— (5,217)— (17,612)
Net amount recognized$3,667 $(2,700)$15,399 $(16,708)
Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts recognized in AOCI consist of:
Successor
 As of December 31, 2022As of December 31, 2021
 Non-USUSNon-USUS
Net actuarial (gain) loss$9,963 $(14,158)$(369)$(6,496)
Deferred income tax (asset) liability(2,425)2,973 112 1,364 
Accumulated other comprehensive (income) loss$7,538 $(11,185)$(257)$(5,132)
Pension Costs
Pension costs include the following components:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Non-USUSNon-USUSNon-USUSNon-USUS
Interest cost1,368 6,753 1,228 5,993 97 615 1,877 7,567 
Return on plan assets(1,431)(12,581)(845)(11,648)(85)(1,239)(1,649)(11,676)
Amortization of prior service cost— — — — — 10 — 
Recognized net actuarial loss— (22)— — — 281 — 2,866 
Settlement and curtailment (gain) loss— (121)— (575)— 301 154 
Net pension benefit cost (gain) loss$(63)$(5,971)$383 $(6,230)$13 $(42)$247 $(1,089)
Disaggregated Plan Information
Disaggregated information regarding our non-US and US plans is summarized below:
Successor
 Year EndedYear Ended
 December 31, 2022December 31, 2021
 Non-USUSNon-USUS
Projected benefit obligation$36,975 $176,438 $63,066 $243,538 
Accumulated benefit obligation36,975 176,438 63,066 243,538 
Fair value of plan assets40,642 173,738 78,465 226,830 
Plans in which PBO Exceeded Fair Value
The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2022 and 2021. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2017.
Successor
 Year EndedYear Ended
 December 31, 2022December 31, 2021
 Non-USUSNon-USUS
Projected benefit obligation$— $151,564 $— $207,059 
Fair value of plan assets— 146,144 — 189,382 
Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets
The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2022 and 2021. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016.
Successor
 Year EndedYear Ended
 December 31, 2022December 31, 2021
 Non-USUSNon-USUS
Accumulated benefit obligation$— $151,564 $— $207,059 
Fair value of plan assets— 146,144 — 189,382 
Defined Benefit Plans Key Assumptions
The key assumptions for the plans are summarized below:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year Ended throughthrough
December 31, 2022December 31, 2021February 5, 2021
 Non-USUSNon-USUSNon-USUS
Weighted-average assumptions used to determine benefit obligations:
Discount Rate5.00%
5.17% - 5.27%
1.80%
2.63% -2.89%
1.80%
1.92% - 2.77%
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
SuccessorPredecessor
Period FromPeriod From
 February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
 December 31, 2022December 31, 2021February 5, 2021December 31, 2020
 Non-USNon-USNon-USNon-US
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate1.80%1.80%1.80%2.10%
Expected long-term return on assets2.00%1.20%1.20%2.90%
Rate of compensation increaseN/AN/AN/AN/A
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
 Year EndedthroughthroughYear Ended
 December 31, 2022December 31, 2021February 5, 2021December 31, 2020
 USUSUSUS
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate
2.63% - 2.89%
1.92% - 2.77%
1.82% - 2.60%
2.56% - 3.32%
Expected long-term return on assets
5.00% - 5.80%
5.00% - 5.80%
5.10% - 6.10%
5.40% -6.30%
Rate of compensation increaseN/AN/AN/AN/A
Actual Fair Values of Defined Benefit Plans
The actual fair values of the non-US plan are as follows:
Successor:As of December 31, 2022
Estimated Fair Value Measurements
Carrying AmountQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Cash and cash equivalents$271 $271 $— $— 
Equity securities:
International companies5,421 5,421 — — 
Fixed income securities:
Corporate bonds34,950 34,950 — — 
Total$40,642 $40,642 $— $— 
Successor:As of December 31, 2021
Estimated Fair Value Measurements
Carrying AmountQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Cash and cash equivalents$938 $938 $— $— 
Equity securities:
International companies10,546 10,546 — — 
Fixed income securities:
Corporate bonds66,981 66,981 — — 
Total$78,465 $78,465 $— $— 
The actual fair values of US plan assets are as follows:
Successor:As of December 31, 2022
Estimated Fair Value Measurements
Carrying
Amount
Quoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$3,902 $3,902 $— $— 
Equity securities:
United States37,555 — 37,555 — 
Fixed income securities:
Corporate bonds100,513 96,962 3,551 — 
Treasury bonds31,768 31,768 — — 
Total$173,738 $132,632 $41,106 $— 
Successor:As of December 31, 2021
Estimated Fair Value Measurements
Carrying
Amount
Quoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$3,718 $3,718 $— $— 
Equity securities:
United States86,237 — 86,237 — 
International— — — — 
Fixed income securities:
Corporate bonds103,504 100,342 3,162 — 
Treasury bonds33,371 33,371 — — 
Total$226,830 $137,431 $89,399 $— 
Estimated Benefit Payments
The following table summarizes our estimated benefit payments at December 31, 2022:
Payments by Period
Total20232024202520262027Thereafter
Estimated benefit payments
Non-US plans$23,240 $2,059 $2,129 $2,183 $2,226 $2,313 $12,330 
US plans110,564 10,036 10,214 10,612 10,887 11,093 57,722 
Total estimated benefit payments$133,804 $12,095 $12,343 $12,795 $13,113 $13,406 $70,052