Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 761

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 4
Chunk 761
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 the deferred tax assets and deferred tax liabilities are as follows:

     (In Thousands)   December 31,    December 31,  
   2024    2023  
 Deferred tax assets:         
 Accrued employee benefit plan costs  $7,673  $6,678 
 Stock based compensation   3,178   1,838 
 Net operating losses   134,280   183,004 
 Tax credit carryforwards   413,873   413,089 
 Disallowed business interest expense carryforward   15,556   14,764 
 Capital loss carryforward   5,261   5,607 
 Other   4,273   7,195 
 Gross deferred tax assets   584,094   632,175 
 Less valuation allowance   (532,994)  (591,720)
 Net deferred tax assets   51,100   40,455 
 Deferred tax liabilities:         
 Depreciation and amortization   (45,856)  (40,294)
 Outside basis difference deferred tax liability   (2,891)  (2,891)
 Foreign interest withholding tax   (1,512)  (1,154)
 Other   (290)  1,628 
 Gross deferred tax liabilities   (50,549)  (42,711)
 Net deferred tax assets (liabilities)  $551  $(2,256)

   As of  December 31, 2024, the Company had U.S. federal net operating loss carryforwards of $216.5 million, which includes $70.1 million of net operating losses subject to an IRC Section 382 limitation. As of  December 31, 2023, the Company had U.S. federal net operating loss carryforwards of $320.8 million, which includes $131.0 million of net operating losses subject to an IRC Section 382 limitation. We have U.S. net operating losses of $33.7 million that will begin expiring in 2035 and $182.8 million having indefinite carryforward periods. We have $406.4 million of U.S. foreign tax credits as of  December 31, 2024 that will expire beginning in 2027. We have foreign net operating loss carryforwards of $377