Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 386

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 386
---
 lower acquisition related transaction costs, offset partially by higher personnel costs related to the Solstad Acquisition and the full year impact of the SPO Acquisition. 

Depreciation and amortization:

      o 
      Increase primarily due to the depreciation of additional vessels acquired in the SPO Acquisition and Solstad Acquisition and the amortization of a higher level of drydock costs associated with an increased number of vessels. 

Gain on asset dispositions, net:

      o 
      During 2023, we sold or recycled 15 vessels and other assets, while during 2022, we sold or recycled 14 vessels and other assets. The increase reflects the mix of sales prices and remaining net book value of the individual assets sold. 

Long-lived asset impairment and other expense:

      o 
      Decrease due to recording in 2022: 

      -  a $0.5 million reversal of previously recorded impairment charges for assets held for sale that were reclassified back to the active fleet; and 

      -  $1.2 million in impairment for certain obsolete marine service parts and supplies inventory.

Interest expense:

      o 
      Increase primarily due to the addition of $575.0 million in long term debt, bearing interest of approximately 10.0%, to fund the Solstad vessel acquisition effective July 5, 2023. 

Interest income and other, net:

      o 
      During 2023, we recorded a $1.1 million charge resulting from a reduction in certain indemnification assets related to assumed tax liabilities acquired from SPO that were adjusted to reflect the expiration of the statute of limitations. This charge was offset by a corresponding decrease in income tax expense which resulted in no impact on net income. 

     o
     During 2023, we recognized a $2.3 million settlement gain from our pension plan and significantly reduced the number of plan participants and related pension liabilities.

     o
     In 2023, interest income increased due to the investment of the $111.5 million in cash received from the exercise of Series A and Series B Warrants in July 2023.

     o
     In 2022, we recorded:

      -  a $1.3 million bargain purchase gain on our acquisition of the remaining 51% of Sonatide, our joint venture in Angola of which we previously owned 49%; and

      -  $1.9 million in interest and