Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 493

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 2
Chunk 493
---
 5, 2023. 

Interest income and other, net:

     o
     Interest income and other consists primarily of interest received on invested balances.

      o 
      During 2023, we recorded a $1.1 million charge resulting from a reduction in certain indemnification assets related to assumed tax liabilities acquired from SPO that were adjusted to reflect the expiration of the statute of limitations. This charge was offset by a corresponding decrease in income tax expense which resulted in no impact on net income. 

     o
     During 2023, we recognized a $2.3 million settlement gain from our pension plan as we significantly reduced the number of plan participants and related pension liabilities.

Foreign exchange losses:

      o 
     In 2024 and 2023, we experienced foreign currency exchange losses. The 2024 losses were significant due to a strengthening of the U.S. Dollar against the Mexican Peso, Norwegian Kroner, Brazilian Real, Australian Dollar and certain African currencies.

Income tax expense:

      o 
     We are subject to taxes on our income in many jurisdictions worldwide and our actual tax expense can vary disproportionally to overall net income due to the mix of profits and losses in these foreign tax jurisdictions. Our tax expense for 2024 and 2023 is mainly attributable to taxes on our operations in foreign countries.

      46

Americas Segment Operations. 

      Year Ended December 31, 

      (In Thousands except for statistics) 
      
      2024 

      2023 

      Change 

      % Change 

      Vessel revenues: 
      
     $
     261,929

     $
     237,205

     $
     24,724

     10
     %

      Vessel operating costs: 

      Crew costs 

     87,545

     86,328

     (1,217
     )

     (1
     )%

      Repair and maintenance 

     20,677

     17,295

     (3,382
     )

     (20
     )%

      Insurance 

     2,034

     1,891

     (143
     )

     (8
     )%

      Fuel, lube and supplies 

     13,635

     13,175

     (460
     )

     (3
     )%

      Other 

     24,391

     19,232

     (5,159