Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 660

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 3
Chunk 660
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 year   1,869 
 Settlement and lapse of statute of limitations   (165,065)
 Reductions based on tax positions related to a prior year   (712)
 Balance at December 31, 2023  $13,686 
 Additions based on tax positions related to the current year   5,909 
 Additions based on tax positions related to a prior year   53 
 Settlement and lapse of statute of limitations   (3,551)
 Reductions based on tax positions related to a prior year   (889)
 Balance at December 31, 2024  $15,208 

     (A)  The gross balance reported as uncertain tax positions is largely offset by $157.7 million of foreign tax credits and other tax attributes. 

   It is reasonably possible that a decrease of $5.8 million in unrecognized tax benefits  may be necessary within the coming year due to the lapse of statutes of limitations or audit settlements.
    
   The amount of unrecognized tax benefits that, if recognized for tax purposes, would affect the effective tax rate are $21.0 million and $20.9 million as of  December 31, 2024 and  December 31, 2023 respectively.
    
   With limited exceptions, we are no longer subject to tax audits by U.S. federal, state, local or foreign taxing authorities for tax years prior to  December 2020. We have ongoing examinations by various foreign tax authorities and do not believe that the results of these examinations will have a material adverse effect on our financial position or results of operations.

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   (7)     LEASES
    
   We have operating leases primarily for office space, temporary residences, automobiles and office equipment. Contracts containing assets that we benefit from and control are recognized on our balance sheet. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognized lease expense for these leases on a straight-line basis over the lease term. We combine the lease and non-lease components for all lease agreements. Certain leases include one or more options to renew with renewal terms that can extend the lease term from one to twenty-six years. The exercise of lease renewal options is at our sole discretion and lease renewal options are not included in our lease terms if they are not reasonably certain to be exercised. Our lease agreements generally do not contain any residual value guarantees or restrictive covenants or options to