Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 1186

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 6
Chunk 1186
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). In 2024, $8.0 million of the PEMEX Bonds were sold at their approximate book value. The PEMEX Bonds are classified as “available for sale.” As of  December 31, 2024 and 2023, we have recorded zero and $(0.3) million, respectively, in mark-to-market gains (losses) related to the fair value (Level 2) of the PEMEX Bonds in other comprehensive income. The remaining PEMEX Bonds are valued at $0.7 million in our consolidated balance sheet, which is both its amortized cost and approximate fair value, as of  December 31, 2024.
    
   In addition, we disclose the fair value of our long-term debt (Level 2) in Note (4).
    
   Governmental Assistance
    
   During 2024, we received the following governmental assistance:
    ●$11.8 million in wage and sick cost refunds from the Norwegian government which was credited to our vessel operating costs in our Consolidated Statement of Operations.

   During 2023, we received the following governmental assistance:
     ●  $6.1 million in wage and sick cost refunds from the Norwegian government which was credited to our vessel operating costs in our Consolidated Statement of Operations. 

   Recently Adopted Accounting Pronouncements 
    
   From time-to-time new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) that we adopt as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption.
    
   In  October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends Topic 805, Business Combinations to require an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The guidance is effective for annual and interim periods beginning after  December 15, 2022 with early adoption permitted. We adopted this standard on  January 1, 2023 and it did not have any impact on our consolidated financial statements and related disclosures.
    
   In  September 2022, the FASB issued ASU 2022-04, Disc