Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 278

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 278
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 and interest related to income tax liabilities are included in income tax expense. Income tax payable is included in other current liabilities.

       95

   A reconciliation of the beginning and ending amount of all unrecognized tax benefits, and the liability for uncertain tax positions (but excluding related penalties and interest) are as follows:

     (In Thousands)     
     
 Balance at December 31, 2021  $333,653 
 Additions based on tax positions related to the current year   744 
 Additions based on tax positions related to a prior year   10,155 
 Settlement and lapse of statute of limitations   (167,170)
 Balance at December 31, 2022 (A)  $177,382 
 Additions based on tax positions related to the current year   212 
 Additions based on tax positions related to a prior year   1,869 
 Settlement and lapse of statute of limitations   (165,065)
 Reductions based on tax positions related to a prior year   (712)
 Balance at December 31, 2023  $13,686 
 Additions based on tax positions related to the current year   5,909 
 Additions based on tax positions related to a prior year   53 
 Settlement and lapse of statute of limitations   (3,551)
 Reductions based on tax positions related to a prior year   (889)
 Balance at December 31, 2024  $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