Company: TDDWW
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001437749-25-014565
Chunk: 26

Company: TIDEWATER INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 jurisdictions. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future U.S. and foreign taxable income during the carryforward period increased or if objective negative evidence in the form of cumulative losses in the U.S. is no longer present and additional weight is given to subjective evidence such as our projections for growth and/or tax planning strategies. If we conclude in a future period that certain deferred tax assets are realizable this could have a material impact on our effective tax rate.
    
   Management assesses all available positive and negative evidence to permit use of existing deferred tax assets.
    
   With limited exceptions, we are no longer subject to tax audits by U.S. federal, state, local or foreign taxing authorities for years prior to  December 2020. We are subject to 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 consolidated financial position, results of operations or cash flows.

       11

       (7) 
       EMPLOYEE BENEFIT PLANS  

   U.S. Defined Benefit Pension Plan
    
   We sponsor a defined benefit pension plan (pension plan) that was frozen in 2010 covering certain U.S. employees. Actuarial valuations are performed annually. We contributed $0.2 million to the pension plan during 2024 and expect to contribute $1.0 million to the pension plan in 2025.
    
   Supplemental Executive Retirement Plan
    
   We support a non-contributory and non-qualified defined benefit supplemental executive retirement plan (supplemental plan) that was closed to new participants during 2010. We contributed $0.3 million and $0.4 million to the supplemental plan for the three months ended  March 31, 2025 and 2024, respectively, and expect to contribute $0.9 million during the remainder of 2025. Our obligations under the supplemental plan were $15.7 million and $16.3 million at  March 31, 2025 and  December 31, 2024, respectively, and are included in “accrued expenses” and “other liabilities” in the consolidated condensed balance sheet.
    
   Net Periodic Benefit Costs
    
   The net periodic benefit cost for our defined benefit pension plans and supplemental plan (collectively Pension Benefits) is comprised of the following components: