Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 536

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 2
Chunk 536
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 and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. This guidance is effective for annual periods beginning after  December 15, 2023 and interim periods beginning after  December 15, 2024. We adopted this standard on  December 31, 2024 and we have included the required disclosures in Note 14 for the three years ending  December 31, 2024.

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   Recently Issued Accounting Standards Not Yet Adopted
    
   In  December 2023, the FASB issued ASU 2023-09, Income Taxes, which requires a greater disaggregation of information in the income tax rate reconciliation and income taxes paid by jurisdiction to improve the transparency of the income tax disclosures. This guidance is effective for annual periods beginning after  December 15, 2024. We are currently evaluating the effect of the standard on our disclosures in our consolidated financial statements.
    
   In  November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures to improve disclosures about certain types of expenses including purchases of inventory, employee compensation and depreciation, depletion and amortization included in commonly presented captions in the Consolidation Statements of Operations. This guidance is effective for annual periods beginning after  December 15, 2026 and interim periods beginning after  December 15, 2027. We are currently evaluating the effect of the standard on our disclosures in our consolidated financial statements.

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   (2)     ACQUISITIONS
    
   Acquisition of Solstad Vessels 
    
   On  March 7, 2023, we entered into an Agreement for the Sale and Purchase of Vessels, Charter Parties and Other Assets, which was amended on  June 30, 2023 (the Acquisition Agreement), with certain subsidiaries of Solstad Offshore ASA, a Norwegian public limited company (collectively, the Sellers), pursuant to which we agreed to acquire from the Sellers (the Solstad Acquisition): (i) 37 platform supply vessels owned by the Sellers (the Solstad Vessels); and (ii) the charter parties governing certain of the Solstad Vessels. On  July 5, 2023, we completed the Solstad Acquisition for an aggregate cash purchase price of approximately $594.2 million, consisting of