Company: TDDWW
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024640
Chunk: 42

Company: TIDEWATER INC
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 balance sheet as either assets or liabilities measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. We generally do not designate our derivative instruments as hedges for accounting purposes, therefore, any gains or losses resulting from changes in fair value of outstanding derivative financial instruments and from the settlement of derivative financial instruments are recognized in earnings and included as a component of foreign exchange gains (losses) in the Condensed Consolidated Income Statements. 
    
   We held derivative instruments related to foreign exchange contracts recorded as current liabilities which were measured at their approximate fair value of $3.4 million (Level 2) as of  June 30, 2025. See Note (12) - “Derivative Instruments and Hedging Activities” for activity and disclosure related to our foreign currency derivative contracts.

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    (11)  PROPERTIES AND EQUIPMENT, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES 

   As of  June 30, 2025, our property and equipment consisted primarily of 211 owned vessels located around the world. As of  December 31, 2024, our property and equipment consisted primarily of 211 owned vessels. During the six months ending  June 30, 2025, we sold six vessels and other assets for approximately $11.1 million in proceeds and recognized a net gain of $8.0 million on the dispositions. During the six months ending  June 30, 2024, we sold four vessels for approximately $14.8 million in proceeds and recognized a net $13.0 million gain on the dispositions.
    
   A summary of properties and equipment is as follows:

     (In Thousands)         
   June 30, 2025    December 31, 2024  
 Properties and equipment:         
 Vessels and related equipment  $1,740,674  $1,727,197 
 Other properties and equipment   33,756   28,969 
   1,774,430   1,756,166 
 Less accumulated depreciation and amortization   642,316   571,884 
 Properties and equipment, net  $1,132,114  $1,184,282 

   A summary of accrued expenses is as