Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 852

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 5
Chunk 852
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 53,071   52,937   44,132 
             
 Income (loss) per share, basic  $3.44  $1.88  $(0.49)
 Income (loss) per share, diluted  $3.40  $1.84  $(0.49)
             
 Additional information:             
 Incremental "in-the-money" options, warrants, and restricted stock units outstanding at the end of the period   856   1,674   1,863 

   Concentrations of Credit Risk and Allowance for Credit Losses
    
   Our financial instruments that are exposed to concentrations of credit risk consist primarily of trade and other receivables from a variety of domestic, international and national energy companies. We manage our exposure to risk by performing ongoing credit evaluations of our customers’ financial condition and  may at times require prepayments or other forms of collateral.

       80

   We maintain an allowance for credit loss based on expected collectability and do not believe we are generally exposed to concentrations of credit risk that are likely to have a material adverse impact on our financial position, results of operations, or cash flows. Expected credit losses are recognized on the initial recognition of our trade accounts receivable. In each subsequent reporting period, even if a loss has not yet been incurred, credit losses are recognized based on the history of credit losses and current conditions, as well as reasonable and supportable forecasts affecting collectability. We developed an expected credit loss model applicable to our trade accounts receivable and contract assets that considers our historical performance and the economic environment, as well as the credit risk and its expected development for each group of customers that share similar risk characteristics. It is our practice to write off receivables when all legal options for collection have been exhausted.
    
   Activity in the allowance for credit losses for the three years ended  December 31, 2024 is as follows:

       Trade  
 (In Thousands)   and  
   Other Receivables  
 Balance at January 1, 2022  $74,404 
 Current period provision for expected credit losses   414 
 Acquisition of Sonatide joint venture   (59,678)
 Other   (1,080)
 Balance at December 31, 2022  $14,060 
 Current period provision for expected credit losses   3,305 
 Write offs