Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 169

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1A
Chunk 169
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,195)  (12)  (11,287)
 Reactivation   —   —   —   —   (1)  (1,500)
 Ending balance   —  $—   —  $—   8  $4,195 

   Following is the summary of vessel sales and the gains on sales of vessels for the years ended  December 31:

     (In Thousands, except number of vessels)   2024    2023    2022  
             
 Vessels sold from active fleet   6   7   2 
 Gain on sale of active vessels, net  $15,677  $5,613  $553 
             
 Vessels sold/recycled from assets held for sale   —   8   12 
 Gain on vessels sold/recycled from assets held for sale, net  $—  $3,088  $5 
 Total vessels sold/recycled   6   15   14 
 Total gain on sales of vessels, net  $15,677  $8,701  $558 

   In 2022, we recaptured $0.5 million of impairment expense related to vessels held for sale that we reactivated.
    
   In conjunction with our review of conditions that would indicate potential impairment in the value of our assets, we identified certain obsolete marine service parts and supplies inventory and charged $1.2 million of impairment expense for the year ended  December 31, 2022. No impairment was recorded for the years ended  December 31, 2024 and 2023. We considered this valuation approach to be a Level 3 fair value measurement due to the level of estimation involved in valuing obsolete inventory.
    
   During the years ended  December 31, 2024, 2023 and 2022, we have not identified conditions or circumstances that would indicate impairment of any of our long-lived asset groups. We continue to monitor the expected future cash flows and the fair market value of our asset groups for impairment.
    
   Please refer to Note (1) for a discussion of our accounting policy for accounting for the impairment of long-lived assets.

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    (9)  EMPLOYEE RETIREMENT PLANS  

   Defined Benefit Pension Plan