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

Income Taxes - Reconciliation of Income Tax Expense (Details)

v3.25.4
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Tax at Bermuda statutory rate $ (64,308) $ 0 $ 0
Foreign income taxes at different rates   (29,429) (3,610)
Tax contingencies   320  
Return to provision adjustments   2,272 8,959
Change in tax laws   15,389 532,387
International shipping income exclusion 141,821    
Changes in valuation allowance (79,579) 148,798 (534,734)
Other adjustments 2,066    
Income tax benefit (expense) $ (5,475) $ 137,350 $ 3,002
Tax Jurisdiction of Domicile [Extensible Enumeration] Bermuda    
Percent      
Tax at Bermuda statutory rate 15.00%    
International shipping income exclusion (33.00%)    
Changes in valuation allowance 19.00%    
Other adjustments (1.00%)    
Income tax benefit (expense) 1.00%    
Percentage of international shipping income excluded from taxation 100.00%    
United States - Federal and state      
Amount      
U.S.-source shipping income not exempt under Section 883 $ (6,291)    
Percent      
U.S.-source shipping income not exempt under Section 883 1.00%    
Tax benefit from U.S.-source shipping income exclusion under Section 883 $ 60,000    
Other      
Amount      
Foreign income taxes at different rates $ 816