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EMPLOYEE RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Carrying Value of Trust Assets and Obligations Under Supplemental Plan

The following table summarizes the carrying value of the trust assets and obligations under the supplemental plan:

		Successor
		December 31,				December 31,
(In thousands)		2018				2017
Investments held in Rabbi Trust		$	18				8,908
Obligations under the supplemental plan			21,413				32,508

Schedule of Unrealized (Loss) Gains in Carrying Value of Trust Assets

The following table summarizes the unrealized (loss) gains in carrying value of the trust assets:

Successor

Predecessor

Period from

Period from

Twelve Months

August 1, 2017

April 1, 2017

Twelve Months

Ended

through

through

Ended

(In thousands)

December 31, 2018

December 31, 2017

July 31, 2017

March 31, 2017

Unrealized gain (loss) in carrying value of     trust assets

$

—

256

82

(95

)

Unrealized loss in carrying value of     trust assets are net of income tax     expense of

—

—

—

(223

)

Schedule of Asset Allocations

The following table provides the target and actual asset allocations for the pension plan and the supplemental plan:

						Successor				Successor
						Actual as of				Actual as of
		Target				December 31, 2018				December 31, 2017
U.S. Pension plan:
Equity securities			—				2	%			—
Debt securities			100	%			91	%			98	%
Cash and other			—				7	%			2	%
Total			100	%			100	%			100	%

Fair Value Hierarchy of Plan Assets

The fair value hierarchy for the pension plans assets measured at fair value as of December 31, 2018 (Successor), are as follows:

(In thousands)		Fair Value				Quoted prices in active markets (Level 1)				Significant observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Measured at Net Asset Value
Pension plan measured at fair value:
Equity securities:		$	900				900				—				—				—
Debt securities:
Government securities			4,044				4,044				—				—				—
Corporate debt securities			47,667				684				46,983				—				—
Cash and cash equivalents			1,214				717				497				—				—
Other			2,384				—				2,384				—				—
Total		$	56,209				6,345				49,864				—				—
Accrued income			581				581				—				—				—
Total fair value of plan assets		$	56,790				6,926				49,864				—				—

The following table provides the fair value hierarchy for the pension plans and supplemental plan assets measured at fair value as of December 31, 2017 (Successor):

(In thousands)		Fair Value				Quoted prices in active markets (Level 1)				Significant observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Measured at Net Asset Value
Pension plan measured at fair value:
Debt securities:
Government securities		$	4,238				4,238				—				—				—
Collateralized mortgage securities			1,032				—				1,032				—				—
Corporate debt securities			49,420				—				49,420				—				—
Cash and cash equivalents			834				219				615				—				—
Other			1,404				172				1,232				—				—
Total		$	56,928				4,629				52,299				—				—
Accrued income			608				608				—				—				—
Total fair value of plan assets		$	57,536				5,237				52,299				—				—
Supplemental plan measured at fair value:
Equity securities:
Common stock		$	3,599				3,599				—				—				—
Foreign stock			183				183				—				—				—
American depository receipts			1,429				1,429				—				—				—
Preferred American depository receipts			12				12				—				—				—
Real estate investment trusts			72				72				—				—				—
Debt securities:
Government debt securities			1,692				851				841				—				—
Open ended mutual funds			1,676				—				—				—				1,676
Cash and cash equivalents			246				27				170				—				49
Total		$	8,909				6,173				1,011				—				1,725
Other pending transactions			(1	)			(1	)			—				—				—
Total fair value of plan assets		$	8,908				6,172				1,011				—				1,725

Change in Plan Assets and Obligations

Changes in plan assets and obligations and the funded status of the U.S. defined benefit pension plan, Norway’s defined benefit pension plan, and the supplemental plan (referred to collectively as “Pension Benefits”) and the postretirement health care and life insurance plan (referred to as “Other Benefits”), are as follows:

						Pension Benefits
		Successor									Predecessor
						Period from					Period from
		Twelve Months				August 1, 2017					April 1, 2017				Twelve Months
		Ended				through					through				Ended
(In thousands)		December 31, 2018				December 31, 2017					July 31, 2017				March 31, 2017
Change in benefit obligation:
Benefit obligation at beginning of the period		$	103,443				101,490					97,941				95,830
Increase in benefit obligation due to business combination			5,474				—					—				—
Service cost			294				546					393				1,182
Interest cost			3,605				1,599					1,313				3,814
Plan curtailment			—				(432	)				—				—
Benefits paid			(5,467	)			(2,059	)				(1,610	)			(4,895	)
Actuarial (gain) loss (A)			(8,105	)			2,322					3,322				2,082
Settlement			(8,885	)			—					—				—
Foreign currency exchange rate changes			(112	)			(23	)				131				(72	)
Benefit obligation at end of the period			90,247				103,443					101,490				97,941
Change in plan assets:
Fair value of plan assets at beginning of the period		$	57,536				58,148					57,146				57,174
Increase in plan assets due to business combination			5,463				—					—				—
Actual return			(2,128	)			1,182					2,138				577
Expected return			112				32					16				51
Actuarial loss			(275	)			(217	)				(109	)			(148	)
Administrative expenses			(36	)			(15	)				(7	)			(27	)
Plan curtailment			—				(100	)				—				—
Employer contributions			10,546				625					435				4,465
Benefits paid			(5,467	)			(2,059	)				(1,610	)			(4,895	)
Settlement			(8,885	)			—					—				—
Foreign currency exchange rate changes			(76	)			(60	)				139				(51	)
Fair value of plan assets at end of the period			56,790				57,536					58,148				57,146
Payroll tax unrecognized in benefit obligation at end of the period			84				76					91				83
Unfunded status at end of the period		$	(33,541	)			(45,983	)				(43,433	)			(40,878	)
Net amount recognized in the balance sheet    consists of:
Current liabilities		$	(1,380	)			(10,731	)				(1,791	)			(1,791	)
Noncurrent liabilities			(32,161	)			(35,252	)				(41,642	)			(39,087	)
Net amount recognized		$	(33,541	)			(45,983	)				(43,433	)			(40,878	)
(A) The actuarial gain in the twelve months ended December 31, 2018 was primarily attributable to an increase in the discount rate.

						Other Benefits
		Successor									Predecessor
						Period from					Period from
		Twelve Months				August 1, 2017					April 1, 2017				Twelve Months
		Ended				through					through				Ended
(In thousands)		December 31, 2018				December 31, 2017					July 31, 2017				March 31, 2017
Change in benefit obligation:
Benefit obligation at beginning of the period		$	2,924				4,817					4,811				5,573
Service cost			61				29					23				81
Interest cost			117				75					64				201
Participant contributions			218				65					58				411
Plan amendment			(2,954	)			(1,861	)				—				—
Benefits paid			(595	)			(526	)				(346	)			(1,170	)
Actuarial (gain) loss			229				325					207				(285	)
Benefit obligation at end of the period			—				2,924					4,817				4,811
Change in plan assets:
Fair value of plan assets at beginning of the period		$	—				—					—				—
Employer contributions			377				461					288				759
Participant contributions			218				65					58				411
Benefits paid			(595	)			(526	)				(346	)			(1,170	)
Fair value of plan assets at end of the period			—				—					—				—
Unfunded status at end of the period		$	—				(2,924	)				(4,817	)			(4,811	)
Net amount recognized in the balance sheet    consists of:
Current liabilities		$	—				(282	)				(418	)			(418	)
Noncurrent liabilities			—				(2,642	)				(4,399	)			(4,393	)
Net amount recognized		$	—				(2,924	)				(4,817	)			(4,811	)

Schedule of Accumulated Benefit Obligation in Excess of Plan Assets

The following table provides information for pension plans with an accumulated benefit obligation in excess of plan assets (includes both the pension plans and supplemental plan):

		Successor					Predecessor
		December 31,					December 31,
(In thousands)		2018					2017
Projected benefit obligation		$	90,247					103,443
Accumulated benefit obligation			89,024					101,287
Fair value of plan assets			56,790					57,536

Schedule of Net Periodic Benefit Cost

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

		Successor									Predecessor
						Period from					Period from
		Twelve Months				August 1, 2017					April 1, 2017				Twelve Months
		Ended				through					through				Ended
(In thousands)		December 31, 2018				December 31, 2017					July 31, 2017				March 31, 2017
Service cost		$	294				546					393				1,182
Interest cost			3,605				1,599					1,313				3,814
Expected return on plan assets			(2,042	)			(882	)				(691	)			(2,246	)
Administrational expenses			36				19					3				28
Payroll tax of net pension costs			42				29					—				56
Amortization of net actuarial losses			30				131					—				32
Recognized actuarial loss			—				—					748				1,785
Curtailment (gain) loss			335				(99	)				—				—
Net periodic pension cost		$	2,300				1,343					1,766				4,651

Schedule of Net Periodic Benefit Cost for Postretirement Health Care and Life Insurance Plan

Net periodic benefit cost for the postretirement health care and life insurance plan include the following components:

		Successor									Predecessor
						Period from					Period from
		Twelve Months				August 1, 2017					April 1, 2017				Twelve Months
		Ended				through					through				Ended
(In thousands)		December 31, 2018				December 31, 2017					July 31, 2017				March 31, 2017
Service cost		$	61				29					23				81
Interest cost			117				75					64				201
Amortization of prior service cost			(299	)			—					(927	)			(4,346	)
Recognized actuarial (gain)			42				—					(335	)			(1,138	)
Net curtailment gain			(4,005	)			—					—				—
Net periodic postretirement benefit		$	(4,084	)			104					(1,175	)			(5,202	)

Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in OCI

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

						Pension Benefits
		Successor									Predecessor
						Period from					Period from
		Twelve Months				August 1, 2017					April 1, 2017				Twelve Months
		Ended				through					through				Ended
(In thousands)		December 31, 2018				December 31, 2017					July 31, 2017				March 31, 2017
Net (gain) loss		$	(3,441	)			1,939					1,877				3,821
Fresh-start accounting fair value adjustment			—				—					(22,333	)			—
Amortization of net (loss) gain			—				—					(748	)			(1,785	)
Settlement recognized			(335	)			—					—				—
Total recognized in other comprehensive    (income) loss, before tax		$	(3,776	)			1,939					(21,204	)			2,036
Net of tax			(3,776	)			1,939					(21,204	)			1,323

						Other Benefits
		Successor									Predecessor
						Period from					Period from
		Twelve Months				August 1, 2017					April 1, 2017				Twelve Months
		Ended				through					through				Ended
(In thousands)		December 31, 2018				December 31, 2017					July 31, 2017				March 31, 2017
Net (gain) loss		$	229				325					207				(285	)
Prior service (cost) credit			—				(1,861	)				—				—
Amortization of prior service (cost) credit			1,861				—					927				4,346
Fresh-start accounting fair value adjustment			—				—					19,055				—
Amortization of net (loss) gain			(554	)			—					335				1,138
Total recognized in other comprehensive    (income) loss, before tax		$	1,536				(1,536	)				20,524				5,199
Net of tax			1,536				(1,536	)				20,524				3,379

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Amounts recognized as a component of accumulated other comprehensive income (loss) are as follows:

		Twelve Months Ended
		December 31, 2018
(In thousands)		Pension Benefits			Other Benefits
Unrecognized actuarial (loss) gain		$	3,798			—
Settlement/curtailment			335			—
Pre-tax amount included in accumulated other    comprehensive (loss) income		$	4,133			—

Schedule of Assumptions

Assumptions used to determine net benefit obligations are as follows:

		Pension Benefits							Other Benefits
		Successor							Successor
		2018			2017				2018	2017
Discount rate			4.50	%		3.80	%		N/A		3.80	%
Rates of annual increase in compensation levels		N/A			N/A				N/A	N/A

Assumptions used to determine net periodic benefit costs are as follows:

		Pension Benefits							Other Benefits
		Successor							Successor
		2018			2017				2018	2017
Discount rate			3.80	%		3.90	%		N/A		3.90	%
Expected long-term rate of return on assets			3.60	%		3.70	%		N/A	N/A
Rates of annual increase in compensation levels		N/A				3.00	%		N/A	N/A

Schedule of Expected Benefit Payments

Based upon the assumptions used to measure our qualified pension benefit obligations at December 31, 2018, including pension benefits attributable to estimated future employee service, we expect that benefits to be paid over the next ten years will be as follows:

Year ending December 31,   (In thousands)		Pension Benefits
2019		$	6,314
2020			6,286
2021			6,251
2022			6,222
2023			6,199
2024 – 2028			31,307
Total 10-year estimated future benefit payments		$	62,579

Number of Tidewater Common Stock Shares, Series A Warrants and Series B Warrants Held

The plan held the following number of shares of Tidewater common stock, series A warrants and series B warrants:

Successor

Predecessor

Period from

Period from

Twelve Months

August 1, 2017

April 1, 2017

Twelve Months

Ended

through

through

Ended

December 31, 2018

December 31, 2017

July 31, 2017

March 31, 2017

Number of shares of Tidewater common stock held by 401(k) plan

7,075

8,074

264,504

291,957

Number of shares of Tidewater Series A warrants held by 401(k) plan

—

9,030

—

—

Number of shares of Tidewater Series B warrants held by 401(k) plan

—

9,762

—

—

Plan 401 k

Amounts Charged to Expense Related to Contribution Plans

The amounts charged to expense related to the above defined contribution plans are as follows:

Successor

Predecessor

Period from

Period from

Twelve Months

August 1, 2017

April 1, 2017

Twelve Months

Ended

through

through

Ended

(In thousands)

December 31, 2018

December 31, 2017

July 31, 2017

March 31, 2017

Defined contribution plans expense, net of forfeitures

$

3

854

871

2,660

Defined contribution plans forfeitures

152

83

79

149

Multinational Retirement Plan

Amounts Charged to Expense Related to Contribution Plans

The amounts charged to expense related to the multinational retirement plan contributions are as follows:

Successor

Predecessor

Period from

Period from

Twelve Months

August 1, 2017

April 1, 2017

Twelve Months

Ended

through

through

Ended

(In thousands)

December 31, 2018

December 31, 2017

July 31, 2017

March 31, 2017

Multinational plan expense

$

—

81

67

260

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