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