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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Plan [Abstract]  
Schedule of Benefit Obligation and the Net Periodic Benefit Cost

The following significant actuarial assumptions were used in calculating the benefit obligation and the net periodic benefit cost as of December 31, 2023:

Discount rate

  

1.45

%

Expected long-term rate of return on plan assets

  

1.45

%

Rate of compensation increase

  

3.00

%
Schedule of Accompanying Consolidated Balance Sheet

The components of net periodic benefit cost for the period from December 15, 2023 to December 31, 2023 are as follows:

Service cost

  

$

4,278

 

Interest cost

  

 

1,943

 

Expected return on plan assets

  

 

(1,581

)

Amortization of net (gain)/loss

  

 

(1,534

)

Settlements (gain)/loss

  

 

(1,157

)

Total

  

$

1,949

 
Schedule of Accumulated Comprehensive Loss

The components of accumulated comprehensive loss attributable to the Company’s pension plan for the period from December 15, 2023 to December 31, 2023 are as follows:

Net loss (gain)

  

$

7,277

 

Amortization of net gain

  

 

1,534

 

Effect of settlement

  

 

1,157

 

Other adjustments

  

 

(4,005

)

Total recorded during the period

  

$

5,963

 
Schedule of Accompanying Consolidated Balance Sheet

As of December 31, 2023, the funded status of the plan and the amounts recognized in the accompanying consolidated balance sheet are as follows:

Projected benefit obligation

  

$

2,299,970

 

Fair value of plan assets

  

 

1,743,674

 

Overfunded (underfunded) status

  

$

(556,296

)
Schedule of the Beginning and Ending Balances of the Accumulated Benefit Obligation

A reconciliation of the beginning and ending balances of the accumulated benefit obligation is provided in the table below:

As of December 15, 2023

  

 

2,288,273

 

Service cost

  

 

4,278

 

Interest cost

  

 

1,943

 

Actuarial (gain) loss

  

 

7,979

 

Benefits paid

  

 

(905

)

Ordinary contributions paid by employees

  

 

4,005

 

Contributions paid by plan participants

  

 

769

 

Settlements

  

 

(6,372

)

Projected benefit obligation as of December 31, 2023

  

 

2,299,970

 

Actuarial (gain)/loss due to assumption changes

  

 

8,834

 

Actuarial (gain)/loss due to plan experience

  

 

(855

)

Accumulated benefit obligation as of December 31, 2023

  

$

2,307,949

 

A reconciliation of the beginning and ending balances of the plan assets is provided in the table below:

As of December 15, 2023

  

$

1,739,889

 

Actual return on plan assets

  

 

2,283

 

Contributions paid by employer

  

 

4,005

 

Ordinary contributions paid by employees

  

 

4,005

 

Contributions paid by plan participants

  

 

769

 

Benefits paid

  

 

(905

)

Settlements

  

 

(6,372

)

As of December 31, 2023

  

$

1,743,674

 
Schedule of Benefit Payments

Projected benefit payments for the next five years as of December 31, 2023 are as follows:

Years ending December 31,

  

 

  

2024

  

$

—

2025

  

 

95,100

2026

  

 

95,100

2027

  

 

95,100

2028

  

 

95,100

Thereafter

  

 

553,900

Total

  

$

934,300