Current report filing

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of components of net income before income taxes

The components of net income before income taxes consist of the following (in thousands):

Year Ended December 31, 

    

2019

    

2018

    

2017

Bermuda

$

$

$

Foreign - Other

 

911,365

969,310

770,614

Net income before income taxes

$

911,365

$

969,310

$

770,614

Schedule of components of the provision for income taxes

The components of the provision for income taxes consisted of the following benefit (expense) (in thousands):

Year Ended December 31, 

    

2019

    

2018

    

2017

Current:

 

  

 

  

 

  

Bermuda

$

$

$

United States

 

(975)

 

(7,409)

 

1,828

Foreign - Other

 

(6,294)

 

(5,371)

 

(4,617)

Total current:

 

(7,269)

 

(12,780)

 

(2,789)

Deferred:

 

  

 

  

 

  

Bermuda

 

 

 

United States

 

25,785

 

(1,912)

 

(8,439)

Foreign - Other

 

347

 

225

 

486

Total deferred:

 

26,132

 

(1,687)

 

(7,953)

Income tax benefit (expense)

$

18,863

$

(14,467)

$

(10,742)

Schedule of reconciliation of income tax expense

Our reconciliation of income tax expense computed by applying our Bermuda statutory rate and reported income tax benefit (expense) was as follows (in thousands):

Year Ended December 31, 

    

2019

    

2018

    

2017

Tax at Bermuda statutory rate

$

$

$

Foreign income taxes at different rates

 

(18,630)

 

(17,540)

 

(28,188)

Tax contingencies

 

(206)

 

(5)

 

11,184

Return to provision adjustments

 

2,014

 

2,961

 

(1,397)

Benefit (expense) from change in tax rate

 

(14)

 

117

 

7,659

Valuation allowance

 

35,699

 

 

Income tax benefit (expense)

$

18,863

$

(14,467)

$

(10,742)

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities were as follows (in thousands):

As of December 31, 

    

2019

    

2018

Deferred tax assets:

 

  

 

  

Loss carryforwards

$

54,342

$

63,201

Other

 

3,573

 

2,535

Valuation allowance

 

(5,847)

 

(41,924)

Total net deferred assets

 

52,068

 

23,812

Deferred tax liabilities:

 

  

 

  

Property and equipment

 

(39,571)

 

(37,448)

Total deferred tax liabilities

 

(39,571)

 

(37,448)

Net deferred tax asset (liability)

$

12,497

$

(13,636)

Schedule of reconciliation of the total amounts of unrecognized tax benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):

As of December 31, 

    

2019

    

2018

Unrecognized tax benefits, beginning of the year

$

532

$

532

Gross increases in tax positions from prior periods

 

200

 

Unrecognized tax benefits, end of year

$

732

$

532