DEFINED BENEFIT PENSION PLANS (Tables)

12 Months Ended

Jul. 31, 2023

Plan Assets Measured at Fair Value on Recurring Basis Classified by Fair Value Hierarchy

The following table presents the plan assets measured at fair value on a recurring basis as of July 31, 2023 and 2022, classified by fair value hierarchy:


	Successor				Fair Value Measurements at Reporting Date Using
(In thousands)	July 31, 2023		Asset Allocations		Level 1		Level 2		Level 3
Insurance contract	$	14,926	97	%	$	—	$	—	$	14,926
Other investments	388		3	%	—		—		388
	$	15,314	100	%	$	—	$	—	$	15,314


	Predecessor				Fair Value Measurements at Reporting Date Using
(In thousands)	July 31, 2022		Asset Allocations		Level 1		Level 2		Level 3
Insurance contract	$	17,560	98	%	$	—	$	—	$	17,560
Other investments	416		2	%	—		—		416
	$	17,976	100	%	$	—	$	—	$	17,976

Aggregate Change in Benefit Obligation and Plan Assets

The following table summarizes the changes in benefit obligation, plan assets and funded status for these plans:


	Successor		Predecessor
	July 31, 2023		July 31, 2022
	(In thousands)
Change in benefit obligation
Benefit obligation at beginning of year	$	21,103	$	33,584
Adjustment related to unconditional indexation of benefits	1,077		—
Service cost	10		11
Interest cost	679		462
Actuarial gain	(4,885)		(8,674)

Benefits and administrative expenses paid	(275)		(227)
Settlements	(109)		—

Currency translation	1,519		(4,053)
Benefit obligation at end of year	$	19,119	$	21,103

Change in plan assets
Fair value of plan assets at beginning of year	$	17,976	$	29,223
Actual return on plan assets	(3,759)		(7,544)
Employer contributions, net	225		5

Settlements	(108)		—
Benefits and administrative expenses paid	(275)		(227)
Currency translation	1,255		(3,481)
Fair value of plan assets at end of year	$	15,314	$	17,976

Funded status
Current liabilities	$	(9)	$	(11)
Noncurrent liabilities	(3,796)		(3,116)
Net amounts recognized on the consolidated balance sheets	$	(3,805)	$	(3,127)

Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows:


	Successor		Predecessor
	July 31, 2023		July 31, 2022
	(In thousands)
Projected benefit obligation	$	19,119	$	21,103
Accumulated benefit obligation	$	19,119	$	21,103
Fair value of plan assets	$	15,314	$	17,976

Components of Net Periodic Pension Cost

The following table summarizes the components of net periodic pension cost:


	Successor		Predecessor
	July 31, 2023		July 31, 2022
	(In thousands)
Service cost	$	10	$	11
Interest costs	679		462
Expected return on plan assets	(574)		(407)
Amortization of net actuarial loss	9		4

Net periodic pension costs	$	124	$	70

Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost

The table below summarizes the weighted average assumptions used to determine benefit obligations:


	Successor		Predecessor
	July 31, 2023		July 31, 2022
Discount rate	4.21	%	2.96	%
Rate of compensation increase	—	%	—	%

The table below summarizes weighted average assumptions used to determine net periodic pension cost:


	Successor		Predecessor
	July 31, 2023		July 31, 2022
Discount rate	3.91	%	2.58	%
Expected long-term rate of return on plan assets	3.88	%	2.51	%
Rate of compensation increase	—	%	—	%

Summary of Expected Benefit Payments from the Plans through Fiscal 2026

The following table summarizes expected benefit payments from the plans through fiscal year 2032. Actual benefit payments may differ from expected benefit payments. The minimum employer required contributions to the plans are expected to be approximately $0.6 million in fiscal year 2024.


	Pension Benefit Payments
	(In thousands)
For the fiscal year ending July 31:
2024	$	340
2025	372
2026	463
2027	444
2028	509
Thereafter	3,451