Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 676

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 3
Chunk 676
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 Warrants, which we subsequently cancelled.

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   The Share Purchase Agreement (SPA) to acquire SPO included a provision under which Banyan agreed to indemnify us for certain liabilities and could settle these liabilities, at their option, with cash or the surrender of SPO Acquisition Warrants. This provision caused the SPO Acquisition Warrants to be classified as liabilities, which requires a mark-to-market valuation primarily based on the change in our share price at each reporting period. On  June 24, 2022, we amended the SPA (SPA Amendment) to require our consent before Banyan could surrender the SPO Acquisition Warrants to satisfy any indemnity liabilities. As such, on  June 24, 2022, we reclassified the SPO Acquisition Warrants from liabilities to additional paid in capital, at the adjusted amount of $176.8 million, and recognized a non-cash loss totaling $14.2 million due to the mark-to-market adjustment of the SPO Acquisition Warrants, calculated using the closing share price of our common stock on  June 24, 2022 of $21.83, less the closing share price of our common stock of $20.08 on the SPO Closing Date.
    
   Under the indemnification provisions of the SPA and the SPA Amendment, Banyan requested that we allow them to settle approximately $1.4 million in indemnified liabilities by surrendering the equivalent value in SPO Acquisition Warrants. We granted Banyan’s request, and during 2022, settled the agreed upon indemnification liability in exchange for the surrender of 64,086 SPO Acquisition Warrants that we subsequently cancelled. No SPO Acquisition Warrants are outstanding.
    
   Accumulated Other Comprehensive Income (Loss)
    
   The changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows:

     (In Thousands)  Year Ended December 31, 
  2024  2023  2022 
 Balance at December 31  $5,266  $8,576  $2,668 
 Unrealized gain (loss) on note receivable   283   213   (496)
 Pension benefits recognized in OCI   511   (3,523)  6,404 
 Balance at December 31  $6,060  $5,266  $8,576 

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