Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of components of net income before income taxes

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

Year Ended December 31, 

    

2022

    

2021

    

2020

Bermuda

$

$

$

Foreign - Other

 

(2,276,703)

(4,501,320)

(4,000,047)

Net loss before income taxes

$

(2,276,703)

$

(4,501,320)

$

(4,000,047)

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, 

    

2022

    

2021

    

2020

Current:

 

  

 

  

 

  

Bermuda

$

$

$

United States

 

12,706

 

(85)

 

5,853

Foreign - Other

 

(7,183)

 

(3,264)

 

(5,502)

Total current:

 

5,523

 

(3,349)

 

351

Deferred:

 

  

 

  

 

  

Bermuda

 

 

 

United States

 

 

(1,867)

 

(12,690)

Foreign - Other

 

1,271

 

(51)

 

(128)

Total deferred:

 

1,271

 

(1,918)

 

(12,818)

Income tax benefit (expense)

$

6,794

$

(5,267)

$

(12,467)

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, 

    

2022

    

2021

    

2020

Tax at Bermuda statutory rate

$

$

$

Foreign income taxes at different rates

 

37,434

 

38,668

 

24,479

Tax contingencies

 

(321)

 

(6)

 

(626)

Return to provision adjustments

 

13,039

 

1,105

 

1,684

Valuation allowance

 

(43,358)

 

(45,034)

 

(38,004)

Income tax benefit (expense)

$

6,794

$

(5,267)

$

(12,467)

Schedule of deferred tax assets and liabilities

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

As of December 31, 

    

2022

    

2021

Deferred tax assets:

 

  

 

  

Loss carryforwards

$

155,386

$

113,886

Other

 

27,810

 

15,373

Valuation allowance

 

(139,733)

 

(87,849)

Total net deferred assets

 

43,463

 

41,410

Deferred tax liabilities:

 

  

 

  

Property and equipment

 

(42,572)

 

(41,756)

Total deferred tax liabilities

 

(42,572)

 

(41,756)

Net deferred tax asset (liability)

$

891

$

(346)