Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Weighted Average Actuarial Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost

The following table sets forth the weighted average actuarial assumptions used to determine benefit obligations:


	Successor
	December 31, 2023		December 31, 2022
Discount rate	5.70	%	5.45	%

The following table sets forth the weighted average actuarial assumptions used to determine net periodic benefit cost (income):


			Year Ended December 31, 2022

	Successor				Predecessor
	Year Ended December 31, 2023		July 25, 2022 through December 31, 2022		January 1, 2022 through July 24, 2022
Discount rate	5.30	%	4.40	%	2.85	%
Expected return on plan assets	5.17	%	5.16	%	4.85	%

Schedule of Changes in Projected Benefit Obligation and Plan Assets

The following table sets forth the changes in the projected benefit obligation, plan assets and funded status, and the amounts recognized on the Consolidated Balance Sheets:


			Year Ended December 31, 2022

	Successor				Predecessor
	Year Ended December 31, 2023		July 25, 2022 through December 31, 2022		January 1, 2022 through July 24, 2022
Change in benefit obligation:
Beginning of period	$	63,464	$	70,676	$	97,134
Service cost	—		—		23
Interest cost	2,486		1,254		1,529
Benefits paid	(3,360)		(2,607)		(3,339)
Settlements	(27,097)		—		—
Actuarial gains	(51)		(5,859)		(13,523)
Divestitures	—		—		(11,148)
End of period	$	35,442	$	63,464	$	70,676
Accumulated benefit obligation at end of period	$	35,442	$	63,464	$	70,676

Change in plan assets:
Beginning of period	$	56,737	$	63,627	$	98,954
Actual return on plan assets	1,335		(4,284)		(16,524)
Benefits paid	(3,360)		(2,606)		(3,339)
Settlements	(27,098)		—		—
Divestitures	—		—		(15,464)
End of period	$	27,614	$	56,737	$	63,627

Funded status at end of period	$	(7,828)	$	(6,727)	$	(7,049)

			Successor
			December 31, 2023		December 31, 2022
Amounts recognized on the Consolidated Balance Sheets - Noncurrent liabilities			(7,828)		(6,727)

Schedule of Weighted Average Asset Allocations by Asset Category

The following table sets forth the weighted average asset allocations by asset category for the defined benefit plans:


	Successor
Investment type	December 31, 2023		December 31, 2022
Equity securities	38	%	38	%
Debt securities	59	%	60	%
Real estate	3	%	2	%
Total	100	%	100	%

Schedule of Fair Values of Assets of Defined Benefit Plans

The fair values of the assets of the defined benefit plans at December 31, 2023 and December 31, 2022, by asset category and by levels of fair value were as follows:


	Successor
	December 31, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash and cash equivalents	$	17	$	—	$	17	$	27	$	—	$	27
Mutual funds:
Growth funds	2,195		—		2,195		4,271		—		4,271
Real estate funds	762		—		762		1,395		—		1,395
Equity income funds	1,994		—		1,994		4,217		—		4,217
Index funds	4,440		—		4,440		9,036		—		9,036
International equity funds	1,817		—		1,817		3,795		—		3,795
Fixed income funds	3,314		13,075		16,389		6,680		27,316		33,996
Total	$	14,539	$	13,075	$	27,614	$	29,421	$	27,316	$	56,737

Schedule of Components of the Net Periodic Benefit Income

The following table sets forth the components of the net periodic benefit income:


			Year Ended December 31, 2022

	Successor				Predecessor
	Year Ended December 31, 2023		July 25, 2022 through December 31, 2022		January 1, 2022 through July 24, 2022		Year Ended December 31, 2021
Service cost	$	—	$	—	$	23	$	54
Interest cost	2,486		1,254		1,529		2,542
Expected return on assets	(2,100)		(1,316)		(2,650)		(5,439)
Amortization of prior service cost	—		—		—		65
Amortization of loss	—		—		117		416
Net periodic benefit income	$	386	$	(62)	$	(981)	$	(2,362)

Schedule of Changes in Plan Assets and Benefit Obligation Recognized in OCI

The following table sets forth the changes in plan assets and benefit obligation recognized in other comprehensive (loss) income:


			Year Ended December 31, 2022

	Successor				Predecessor
	Year Ended December 31, 2023		July 25, 2022 through December 31, 2022		January 1, 2022 through July 24, 2022		Year Ended December 31, 2021
Net unrecognized actuarial loss (gain)	$	439	$	(278)	$	9,966	$	(6,479)
Recognition of net actuarial loss due to settlement	(17)		—		—		—
Amortization of net actuarial gain (loss)	—		—		117		(416)
Amortization of prior service cost	—		—		—		(65)
Total recognized in other comprehensive (loss) income	$	422	$	(278)	$	10,083	$	(6,960)

Schedule of Expected Benefit Payments

We expect the following benefit payments to be made:


Years ending	Amount
2024	$	3,323
2025	3,259
2026	3,202
2027	3,136
2028	3,048
Thereafter	13,960
	$	29,928