Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 442

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 442
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 DTDW
    
   We own 40% of DTDW in Nigeria. Our partner, who owns 60%, is a Nigerian national. We have not operated any company owned vessels in Nigeria since early 2020.
    
   In 2022, we entered into a netting arrangement with our partner allowing either partner to discharge their obligations by netting these amounts against sums owed by the other partner. In accordance with this agreement, we have the ability to net our due from affiliate balance against the due to affiliate balance on our consolidated balance sheet.

       92

    (6)  INCOME TAXES  

   Income (losses) before income taxes derived from United States and non-U.S. operations are as follows:

     (In Thousands)   Year Ended December 31,  
  2024  2023  2022 
 Non-U.S.  $262,012  $174,103  $41,408 
 United States   (32,524)  (35,174)  (43,715)
  $229,488  $138,929  $(2,307)

   Income tax expense (benefit) consists of the following:

     (In Thousands)   U.S.        
  Federal  State  Non-U.S.  Total 
 Year Ended December 31, 2022                 
 Current  $—  $8  $19,842  $19,850 
 Deferred   —   —   36   36 
  $—  $8  $19,878  $19,886 
 Year Ended December 31, 2023                 
 Current  $—  $1  $43,215  $43,216 
 Deferred   —   —   92   92 
  $—  $1  $43,307  $43,308 
 Year Ended December 31, 2024                 
 Current  $148  $11  $52,864  $53,023 
 Deferred   —   —   (2,807)  (2,807)
  $148  $11  $50,057  $50,216 

   The actual income tax expense