Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 166

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1A
Chunk 166
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 $15,208 

     (A)  The gross balance reported as uncertain tax positions is largely offset by $157.7 million of foreign tax credits and other tax attributes. 

   It is reasonably possible that a decrease of $5.8 million in unrecognized tax benefits  may be necessary within the coming year due to the lapse of statutes of limitations or audit settlements.
    
   The amount of unrecognized tax benefits that, if recognized for tax purposes, would affect the effective tax rate are $21.0 million and $20.9 million as of  December 31, 2024 and  December 31, 2023 respectively.
    
   With limited exceptions, we are no longer subject to tax audits by U.S. federal, state, local or foreign taxing authorities for tax years prior to  December 2020. We have ongoing examinations by various foreign tax authorities and do not believe that the results of these examinations will have a material adverse effect on our financial position or results of operations.

       96

   (7)     LEASES
    
   We have operating leases primarily for office space, temporary residences, automobiles and office equipment. Contracts containing assets that we benefit from and control are recognized on our balance sheet. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognized lease expense for these leases on a straight-line basis over the lease term. We combine the lease and non-lease components for all lease agreements. Certain leases include one or more options to renew with renewal terms that can extend the lease term from one to twenty-six years. The exercise of lease renewal options is at our sole discretion and lease renewal options are not included in our lease terms if they are not reasonably certain to be exercised. Our lease agreements generally do not contain any residual value guarantees or restrictive covenants or options to purchase the leased property. The amount of right of use assets and lease liabilities recorded on our Consolidated Balance Sheet at  December 31, 2024 and 2023, respectively, are as follows.

     Leases (In Thousands)  Classification   December 31, 2024    December 31, 2023  
 Assets:          
 Operating  Other assets  $11,152  $7,212 
 Liabilities:          
 Current          
 Operating  Other current liabilities   4,904   1,793 
 Noncurrent          
 Operating