Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 969

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7A
Chunk 969
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2022 of $21.83, less the closing share price of our common stock of $20.08 on the SPO Closing Date.
    
   Under the indemnification provisions of the SPA and the SPA Amendment, Banyan requested that we allow them to settle approximately $1.4 million in indemnified liabilities by surrendering the equivalent value in SPO Acquisition Warrants. We granted Banyan’s request, and during 2022, settled the agreed upon indemnification liability in exchange for the surrender of 64,086 SPO Acquisition Warrants that we subsequently cancelled. No SPO Acquisition Warrants are outstanding.
    
   Accumulated Other Comprehensive Income (Loss)
    
   The changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows:

     (In Thousands)  Year Ended December 31, 
  2024  2023  2022 
 Balance at December 31  $5,266  $8,576  $2,668 
 Unrealized gain (loss) on note receivable   283   213   (496)
 Pension benefits recognized in OCI   511   (3,523)  6,404 
 Balance at December 31  $6,060  $5,266  $8,576 

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   (12)     COMMITMENTS AND CONTINGENCIES 
    
   Currency Devaluation and Fluctuation Risk 
    
   Due to our international operations, we are exposed to foreign currency exchange rate fluctuations and exchange rate risks on all charter hire contracts denominated in foreign currencies. For some of our international contracts, a portion of the revenue and local expenses are incurred in local currencies with the result that we are at risk of changes in the exchange rates between the U.S. dollar and foreign currencies. We generally do not hedge against any foreign currency rate fluctuations associated with foreign currency contracts that arise in the normal course of business, which exposes us to the risk of exchange rate losses. To minimize the financial impact of these items, we attempt to contract a significant majority of our services in U.S. dollars. In addition, we attempt to minimize the financial impact of these risks by matching the currency of the company’s operating costs with the currency of the revenue streams when considered appropriate. We continually monitor the currency exchange risks associated with all contracts not denominated in U.S. dollars.
    
   Legal Proceedings