Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 273

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 273
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benefit) consists of the following:

     (In Thousands)   U.S.        
  Federal  State  Non-U.S.  Total 
 Year Ended December 31, 2022                 
 Current  $—  $8  $19,842  $19,850 
 Deferred   —   —   36   36 
  $—  $8  $19,878  $19,886 
 Year Ended December 31, 2023                 
 Current  $—  $1  $43,215  $43,216 
 Deferred   —   —   92   92 
  $—  $1  $43,307  $43,308 
 Year Ended December 31, 2024                 
 Current  $148  $11  $52,864  $53,023 
 Deferred   —   —   (2,807)  (2,807)
  $148  $11  $50,057  $50,216 

   The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 21% to pre-tax loss as a result of the following:

     (In Thousands)   Year Ended December 31,  
  2024  2023  2022 
 Computed “expected” tax expense (benefit)  $48,192  $29,175  $(484)
 Increase (reduction) resulting from:             
 Foreign income taxed at different rates   (50,669)  (35,088)  (7,240)
 Uncertain tax positions (A)   (787)  (1,401)  (7,885)
 Nondeductible transaction costs   (710)  (898)  5,410 
 Valuation allowance - deferred tax assets (A)   (28,040)  (83)  11,339 
 Valuation allowance - deferred tax true-up   (1,831)  390   (453)
 Deferred tax true-up   1,831   (390)  453 
 Foreign taxes   52,842