Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of net income before income taxes

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

Year Ended December 31, 

    

2024

    

2023

    

2022

Bermuda

$

$

$

Foreign - Other

 

772,907

163,176

(2,276,703)

Net income (loss) before income taxes

$

772,907

$

163,176

$

(2,276,703)

Schedule of components of the provision for income taxes

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

Year Ended December 31, 

    

2024

    

2023

    

2022

Current:

 

  

 

  

 

  

Bermuda

$

$

$

United States

 

(5,752)

 

20

 

12,706

Foreign - Other

 

(13,046)

 

2,850

 

(7,183)

Total current:

 

(18,798)

 

2,870

 

5,523

Deferred:

 

  

 

  

 

  

Bermuda

 

 

 

United States

 

156,495

 

104

 

Foreign - Other

 

(347)

 

28

 

1,271

Total deferred:

 

156,148

 

132

 

1,271

Income tax benefit

$

137,350

$

3,002

$

6,794

Schedule of reconciliation of income tax benefit

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

Year Ended December 31, 

    

2024

    

2023

    

2022

Tax at Bermuda statutory rate

$

$

$

Foreign income taxes at different rates

 

(29,429)

 

(3,610)

 

37,434

Tax contingencies

 

320

 

 

(321)

Return to provision adjustments

 

2,272

 

8,959

 

13,039

Change in tax laws

 

15,389

 

532,387

 

Valuation allowance

 

148,798

 

(534,734)

 

(43,358)

Income tax benefit

$

137,350

$

3,002

$

6,794

Schedule of deferred tax assets and liabilities

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

As of December 31, 

    

2024

    

2023

Deferred tax assets:

 

  

 

  

Loss carryforwards

$

729,735

$

714,095

Other

 

38,451

 

34,596

Valuation allowance

 

(558,690)

 

(694,765)

Total net deferred assets

 

209,496

 

53,926

Deferred tax liabilities:

 

  

 

  

Property and equipment

 

(53,605)

 

(53,172)

Total deferred tax liabilities

 

(53,605)

 

(53,172)

Net deferred tax asset

$

155,891

$

754