Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 431

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 431
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 working capital adjustment and received an $8.8 million refund which was $8.0 million higher than originally estimated in the provisional amounts we assigned to the SPO assets acquired and liabilities assumed. As a result, we adjusted the purchase price allocation accordingly. The estimated fair values of certain assets and liabilities including long-lived assets and contingencies require judgment and assumptions. We initially classified the SPO Acquisition Warrants issued in the acquisition as liabilities subject to mark-to-market fair value adjustment, however in connection with an amendment to the acquisition agreement, we reclassified the warrants as equity on  June 24, 2022. See Note (11) for additional details regarding the initial accounting for the SPO Acquisition Warrants and the accounting subsequent to the amendment.
    
   The following recorded fair value amounts for the assets acquired and liabilities assumed are final, with no material measurement period adjustments made during the year 2023:

     (In Thousands)     
     
 Assets     
 Cash  $33,152 
 Trade and other receivables   64,621 
 Marine operating supplies   5,122 
 Assets held for sale   2,500 
 Prepaid expenses and other current assets   4,174 
 Net properties and equipment   174,415 
 Indemnification assets (A)   32,279 
 Other assets   1,153 
 Total assets   317,416 
     
 Liabilities     
 Accounts payable   1,594 
 Accrued expenses   54,924 
 Other current liabilities   28,511 
 Other liabilities   16,886 
 Total liabilities   101,915 
     
 Net assets acquired  $215,501 

     (A)  Consists primarily of tax liabilities existing at the Closing Date that are recorded in other current liabilities and other liabilities. 

   Business combination related costs were expensed as incurred in general and administrative expense and consist of various advisory, legal, accounting, valuation and other professional fees totaling $0.1 million, $3.0 million and $18.8 million for the years ended  December 31, 2024, 2023 and 2022, respectively.

       85

   Property and equipment acquired in the business combination consisted primarily of offshore support vessels. We recorded property and equipment acquired at an estimated fair value of approximately $174.4 million. The fair values