Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of components of net income before income taxes
    Year Ended
December 31,
 
    2017     2016     2015  
Bermuda   $     $     $  
Foreign - Other     770,614       640,303       433,909  
Net income before income taxes     770,614       640,303       433,909  
Schedule of components of the provision for income taxes
    Year Ended
December 31,
 
    2017     2016     2015  
Current:                        
Bermuda   $     $     $  
United States     1,828       (8,736 )     (4,621 )
Foreign - Other     (4,617 )     (2,166 )     (882 )
Total current:     (2,789 )     (10,902 )     (5,503 )
Deferred:                        
Bermuda                  
United States     (8,439 )     3,684       (1,269 )
Foreign - Other     486              
Total deferred:     (7,953 )     3,684       (1,269 )
Income tax expense   $ (10,742 )   $ (7,218 )   $ (6,772 )
Schedule of reconciliation of income tax expense
    Year Ended
December 31,
 
    2017     2016     2015  
Tax at Bermuda statutory rate   $     $     $  
Foreign income taxes at different rates     (28,188 )     (10,721 )     (7,864 )
Tax contingencies     11,184       (533 )     (283 )
Return to provision adjustments     (1,397 )     418       1,370  
Benefit from change in tax rate     7,659       24       5  
Valuation allowance           3,594        
Income tax expense   $ (10,742 )   $ (7,218 )   $ (6,772 )
Schedule of deferred tax assets and liabilities
    As of December 31,  
    2017     2016  
Deferred tax assets:                
Loss carryforwards   $ 58,789     $ 103,191  
Other     2,106       1,564  
Valuation allowance     (42,154 )     (64,573 )
Total net deferred assets     18,741       40,182  
Deferred tax liabilities:                
Property and equipment     (30,869 )     (44,398 )
Total deferred tax liabilities     (30,869 )     (44,398 )
Net deferred tax liability   $ (12,128 )   $ (4,216 )
Schedule of tabular reconciliation of the total amounts of unrecognized tax benefits
    As of December 31,  
    2017     2016  
Unrecognized tax benefits, beginning of the year   $ 11,144     $ 11,174  
Gross increases in tax positions from prior periods     300       250  
Gross decreases in tax positions from prior periods           (280 )
Gross increases in tax positions from current periods            
Settlement of tax positions     (250 )      
Lapse of statute of limitations     (10,662 )      
Unrecognized tax benefits, end of year   $ 532     $ 11,144