Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 655

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 3
Chunk 655
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 Ended December 31, 2024                 
 Current  $148  $11  $52,864  $53,023 
 Deferred   —   —   (2,807)  (2,807)
  $148  $11  $50,057  $50,216 

   The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 21% to pre-tax loss as a result of the following:

     (In Thousands)   Year Ended December 31,  
  2024  2023  2022 
 Computed “expected” tax expense (benefit)  $48,192  $29,175  $(484)
 Increase (reduction) resulting from:             
 Foreign income taxed at different rates   (50,669)  (35,088)  (7,240)
 Uncertain tax positions (A)   (787)  (1,401)  (7,885)
 Nondeductible transaction costs   (710)  (898)  5,410 
 Valuation allowance - deferred tax assets (A)   (28,040)  (83)  11,339 
 Valuation allowance - deferred tax true-up   (1,831)  390   (453)
 Deferred tax true-up   1,831   (390)  453 
 Foreign taxes   52,842   36,339   27,945 
 Net GILTI Inclusion   22,249   2,705   — 
 Return to accrual   4,500   (8,079)  (12,162)
 Restructuring   —   13,896   — 
 Share based compensation   (13,177)  (1,470)  — 
 162(m) - Executive compensation   11,995   2,107   552 
 Subpart F income   3,700   6,664   3,495 
 Other, net   121   (559)  (1,084)
  $50,216  $43,308  $19,886 

    (A)  The above table reflects the net