SEACOR Marine Holdings Inc. Income Taxes Disclosure
Loss before income tax (benefit) expense and equity in earnings of 50% or less owned companies derived from U.S. and foreign companies for the years ended December 31 were as follows (in thousands):
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
United States |
|
$ |
(8,385 |
) |
|
$ |
(67,632 |
) |
|
$ |
(3,576 |
) |
Foreign |
|
|
(10,520 |
) |
|
|
(15,255 |
) |
|
|
(335 |
) |
Eliminations |
|
|
(160 |
) |
|
|
(160 |
) |
|
|
(160 |
) |
|
|
$ |
(19,065 |
) |
|
$ |
(83,047 |
) |
|
$ |
(4,071 |
) |
The components of income tax (benefit) expense for the years ended December 31 were as follows (in thousands):
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Current: |
|
|
|
|
|
|
|
|
|
|||
Federal |
|
$ |
1,517 |
|
|
$ |
— |
|
|
$ |
(18 |
) |
State |
|
|
18 |
|
|
|
(44 |
) |
|
|
47 |
|
Foreign |
|
|
11,636 |
|
|
|
11,111 |
|
|
|
13,831 |
|
|
|
|
13,171 |
|
|
|
11,067 |
|
|
|
13,860 |
|
Deferred: |
|
|
|
|
|
|
|
|
|
|||
Federal |
|
|
(2,546 |
) |
|
|
(13,629 |
) |
|
|
(5,062 |
) |
State |
|
|
(115 |
) |
|
|
(53 |
) |
|
|
8 |
|
Foreign |
|
|
— |
|
|
|
— |
|
|
|
(7 |
) |
|
|
|
(2,661 |
) |
|
|
(13,682 |
) |
|
|
(5,061 |
) |
|
|
$ |
10,510 |
|
|
$ |
(2,615 |
) |
|
$ |
8,799 |
|
Income tax payments during the year ended December 31, 2025 were as follows (in thousands):
|
|
2025 |
|
|
Federal |
|
$ |
1,150 |
|
State and Local (1) |
|
|
(1,101 |
) |
Foreign |
|
|
|
|
Angola |
|
|
5,190 |
|
Saudi Arabia |
|
|
2,552 |
|
Guyana |
|
|
2,247 |
|
Other Jurisdictions |
|
|
865 |
|
|
|
|
10,903 |
|
During the years ended December 31, 2024 and 2023, income taxes paid were $10.3 million and $9.9 million, respectively.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”), which includes a broad range of tax reform provisions, was signed into law in the United States. The Company has determined that the OBBBA did not have a material effect on the Company’s consolidated financial position, results of operations or disclosures.
In October 2024, the Company received a tax assessment from the General Tax Authority in Qatar for $0.6 million relating to tax returns for the years for which the Company is filing an appeal.
The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate after the adoption of ASU 2023-09 for the years ended December 31 (in thousands):
|
|
2025 |
|
|
2025 |
|
||
|
|
Amount |
|
|
Rate |
|
||
U.S. federal statutory rate |
|
|
(4,004 |
) |
|
|
(21.0 |
)% |
State and local income taxes, net of federal income tax effect (1) |
|
|
(101 |
) |
|
|
(0.5 |
)% |
Foreign tax effects |
|
|
|
|
|
|
||
Withholding tax on services |
|
|
|
|
|
|
||
Angola |
|
|
5,190 |
|
|
|
27.2 |
% |
Saudi Arabia |
|
|
1,715 |
|
|
|
9.0 |
% |
Guyana |
|
|
2,247 |
|
|
|
11.8 |
% |
Qatar |
|
|
786 |
|
|
|
4.1 |
% |
Other foreign jurisdictions |
|
|
204 |
|
|
|
1.1 |
% |
Withholding tax on dividends |
|
|
|
|
|
|
||
Saudi Arabia |
|
|
856 |
|
|
|
4.5 |
% |
Other foreign taxes |
|
|
|
|
|
|
||
United Kingdom |
|
|
455 |
|
|
|
2.4 |
% |
Other foreign jurisdictions |
|
|
183 |
|
|
|
1.0 |
% |
Effects of cross-border tax laws |
|
|
|
|
|
|
||
Subpart F Income |
|
|
621 |
|
|
|
3.3 |
% |
Tax credits |
|
|
|
|
|
|
||
Foreign tax credits |
|
|
(1,237 |
) |
|
|
(6.6 |
)% |
Changes in valuation allowances |
|
|
53 |
|
|
|
0.3 |
% |
Nontaxable or Nondeductible items |
|
|
|
|
|
|
||
162(m) - executive compensation |
|
|
529 |
|
|
|
2.8 |
% |
Share award plans |
|
|
430 |
|
|
|
2.3 |
% |
Other nontaxable or nondeductible items |
|
|
39 |
|
|
|
0.2 |
% |
Other adjustments |
|
|
|
|
|
|
||
Loss of foreign subsidiaries not includable in U.S. return |
|
|
2,243 |
|
|
|
11.8 |
% |
True-up of section 965 tax |
|
|
210 |
|
|
|
1.1 |
% |
Other |
|
|
91 |
|
|
|
0.3 |
% |
|
|
|
10,510 |
|
|
|
55.1 |
% |
The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate prior to the adoption of ASU 2023-09 for the years ended December 31 (in thousands):
|
|
2024 |
|
|
2023 |
|
||||||||||
|
|
Amount |
|
|
Rate |
|
|
Amount |
|
|
Rate |
|
||||
Statutory rate |
|
|
(17,440 |
) |
|
|
(21.0 |
)% |
|
|
(855 |
) |
|
|
(21.0 |
)% |
Income (loss) of foreign subsidiaries not includable in U.S. return and foreign withholding tax |
|
|
13,243 |
|
|
|
15.9 |
% |
|
|
9,095 |
|
|
|
223.4 |
% |
Non-Deductible Expenses |
|
|
50 |
|
|
|
0.1 |
% |
|
|
49 |
|
|
|
1.2 |
% |
162(m) - Executive compensation |
|
|
1,486 |
|
|
|
1.8 |
% |
|
|
726 |
|
|
|
17.8 |
% |
State Taxes |
|
|
(88 |
) |
|
|
(0.1 |
)% |
|
|
45 |
|
|
|
1.1 |
% |
Subpart F Income and GILTI |
|
|
1,070 |
|
|
|
1.3 |
% |
|
|
269 |
|
|
|
6.6 |
% |
Share Award Plans |
|
|
(934 |
) |
|
|
(1.1 |
)% |
|
|
(527 |
) |
|
|
(12.9 |
)% |
Other |
|
|
(2 |
) |
|
|
— |
% |
|
|
(3 |
) |
|
|
— |
% |
|
|
|
(2,615 |
) |
|
|
(3.1 |
)% |
|
|
8,799 |
|
|
|
216.2 |
% |
For the year ending December 31, 2025, the Company’s effective income tax rate of 55.1% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes and foreign losses for which there is no benefit in the U.S. for income tax purposes.
For the year ending December 31, 2024, the Company’s effective income tax rate of (3.1)% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes and foreign losses for which there is no benefit in the U.S. for income tax purposes.
For the year ending December 31, 2023, the Company’s effective income tax rate of 216.2% was primarily due to foreign withholding taxes.
The components of net deferred income tax liabilities as of December 31 were as follows (in thousands):
|
|
2025 |
|
|
2024 |
|
||
Deferred tax liabilities: |
|
|
|
|
|
|
||
Property and equipment |
|
$ |
30,391 |
|
|
$ |
43,732 |
|
Other |
|
|
156 |
|
|
|
684 |
|
Total deferred tax liabilities |
|
|
30,547 |
|
|
|
44,416 |
|
Deferred tax assets: |
|
|
|
|
|
|
||
Federal net operating loss carryforwards |
|
|
6,376 |
|
|
|
16,501 |
|
Foreign tax credits |
|
|
3,738 |
|
|
|
4,283 |
|
Deferred state taxes |
|
|
2,271 |
|
|
|
1,934 |
|
Other |
|
|
3,427 |
|
|
|
4,573 |
|
|
|
|
15,812 |
|
|
|
27,291 |
|
Valuation allowance |
|
|
(4,641 |
) |
|
|
(4,912 |
) |
Total deferred tax assets |
|
|
11,171 |
|
|
|
22,379 |
|
Net deferred tax liabilities |
|
$ |
19,376 |
|
|
$ |
22,037 |
|
The Section 163(j) interest deduction limitations were amended to limit the ability of the Company to deduct net interest expense to 30% of adjusted taxable income. For the year ended December 31, 2025, no interest expense was suspended and carryforwards of $1.2 million from prior years were deducted. For the year ended December 31, 2024, $1.2 million of interest expense was suspended and carried forward.
Net operating losses generated in 2017 and prior may be carried forward 20 years (expiring in 2037). Future utilization of net operating losses (“NOL”) arising in tax years after December 31, 2017 are limited to 80% of taxable income and are allowed to be carried forward indefinitely. As of December 31, 2025, the Company has $30.4 million of net operating losses generated after 2017. As of December 31, 2024, the Company had $78.6 million of net operating losses generated after 2017.
As of December 31, 2025 and 2024, the Company's valuation allowance of $4.6 million and $4.9 million, respectively, consists of $3.8 million and $4.3 million, respectively, of foreign tax credit carryforwards which the Company expects to expire unutilized and $0.8 million and $0.6 million, respectively, of Louisiana state net operating loss carryforwards. During the year ended December 31, 2025, $1.9 million of foreign tax credits expired and the corresponding valuation allowance was removed. In addition, during the year ended December 31, 2025, $1.3 million of foreign tax credits were generated for which the Company expects to expire unutilized.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 6, 2023 | |
| 2021 | Mar 10, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 4, 2020 | |
| 2018 | Mar 12, 2019 | |
| 2017 | Mar 22, 2018 | |
About Income Taxes Disclosures
The income tax disclosure reveals how much a company actually pays in taxes versus what the statutory rate would predict. Analysts focus on the effective tax rate (ETR) reconciliation, which breaks down every item driving the gap between the 21% federal rate and the company's reported ETR — including R&D credits, foreign rate differentials, and state taxes. Deferred tax assets (DTAs) and their valuation allowances signal management's confidence in future profitability: a rising allowance suggests the company doubts it can use accumulated tax benefits. Uncertain tax benefit (UTB) reserves quantify exposure to IRS challenges on aggressive positions.
Key signals to watch: sudden ETR drops without clear operational reasons, large increases in valuation allowances, growing UTB balances, and significant unremitted foreign earnings. Post-TCJA, pay attention to GILTI and BEAT provisions that affect multinational tax structures. Compare the cash taxes paid (from the cash flow statement) against the income tax provision to gauge earnings quality.