Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
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, 

    

2021

    

2020

    

2019

Bermuda

$

$

$

Foreign - Other

 

(4,501,320)

(4,000,047)

911,365

Net income (loss) before income taxes

$

(4,501,320)

$

(4,000,047)

$

911,365

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, 

    

2021

    

2020

    

2019

Current:

 

  

 

  

 

  

Bermuda

$

$

$

United States

 

(85)

 

5,853

 

(975)

Foreign - Other

 

(3,264)

 

(5,502)

 

(6,294)

Total current:

 

(3,349)

 

351

 

(7,269)

Deferred:

 

  

 

  

 

  

Bermuda

 

 

 

United States

 

(1,867)

 

(12,690)

 

25,785

Foreign - Other

 

(51)

 

(128)

 

347

Total deferred:

 

(1,918)

 

(12,818)

 

26,132

Income tax benefit (expense)

$

(5,267)

$

(12,467)

$

18,863

Schedule of reconciliation of income tax benefit (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, 

    

2021

    

2020

    

2019

Tax at Bermuda statutory rate

$

$

$

Foreign income taxes at different rates

 

38,668

 

24,479

 

(18,630)

Tax contingencies

 

(6)

 

(626)

 

(206)

Return to provision adjustments

 

1,105

 

1,684

 

2,014

Benefit (expense) from change in tax rate

 

 

 

(14)

Valuation allowance

 

(45,034)

 

(38,004)

 

35,699

Income tax benefit (expense)

$

(5,267)

$

(12,467)

$

18,863

Schedule of deferred tax assets and liabilities

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

As of December 31, 

    

2021

    

2020

Deferred tax assets:

 

  

 

  

Loss carryforwards

$

113,886

$

77,411

Other

 

15,373

 

7,090

Valuation allowance

 

(87,849)

 

(42,876)

Total net deferred assets

 

41,410

 

41,625

Deferred tax liabilities:

 

  

 

  

Property and equipment

 

(41,756)

 

(41,893)

Total deferred tax liabilities

 

(41,756)

 

(41,893)

Net deferred tax asset (liability)

$

(346)

$

(268)