Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 557

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 2
Chunk 557
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 payments.
    
   Lease costs included in general and administrative expense for the years ended  December 31, 2024, 2023 and 2022, respectively, are as follows.

     (In Thousands)   Year Ended  Year Ended  Year Ended 
 Lease costs  Classification   December 31, 2024    December 31, 2023    December 31, 2022  
 Operating lease costs  General and administrative  $1,699  $1,798  $1,485 
 Short-term leases  General and administrative   2,587   2,496   3,088 
 Variable lease costs  General and administrative   381   648   494 
 Net lease cost   $4,667  $4,942  $5,067 

       97

   Our weighted average remaining lease term and weighted average discount rate at  December 31, 2024 is as follows.

     Lease term and discount rate   December 31, 2024  
 Weighted average remaining lease term in years   2.0 
 Weighted average discount rate   7.69%

   The cash paid for operating leases included in operating cash flows and in the measurement of lease liabilities for the years ended  December 31, 2024, 2023 and 2022 was $3.5 million, $3.8 million and $2.4 million, respectively. Right of use assets obtained in exchange for operating lease obligations were $6.7 million, $3.1 million and $5.0 million, for the years ended  December 31, 2024, 2023 and 2022, respectively.

       98

   (8)ASSETS HELD FOR SALE, ASSET SALES AND ASSET IMPAIRMENTS

   In 2019, we implemented a plan, amended in 2020, (the 2019/2020 plan) to sell or recycle certain of our vessels based on a strategic decision to remove assets that were not part of our long-term plans. During 2022, we sold or recycled 12 vessels that were classified as held for sale, added three vessels to held for sale under 2019/2020 plan, moved one vessel back into our active fleet and had eight vessels remaining in the held for sale account as of  December