Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
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, 

    

2023

    

2022

    

2021

Bermuda

$

$

$

Foreign - Other

 

163,176

(2,276,703)

(4,501,320)

Net income (loss) before income taxes

$

163,176

$

(2,276,703)

$

(4,501,320)

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, 

    

2023

    

2022

    

2021

Current:

 

  

 

  

 

  

Bermuda

$

$

$

United States

 

20

 

12,706

 

(85)

Foreign - Other

 

2,850

 

(7,183)

 

(3,264)

Total current:

 

2,870

 

5,523

 

(3,349)

Deferred:

 

  

 

  

 

  

Bermuda

 

 

 

United States

 

104

 

 

(1,867)

Foreign - Other

 

28

 

1,271

 

(51)

Total deferred:

 

132

 

1,271

 

(1,918)

Income tax benefit (expense)

$

3,002

$

6,794

$

(5,267)

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, 

    

2023

    

2022

    

2021

Tax at Bermuda statutory rate

$

$

$

Foreign income taxes at different rates

 

(3,610)

 

37,434

 

38,668

Tax contingencies

 

 

(321)

 

(6)

Return to provision adjustments

 

8,959

 

13,039

 

1,105

Change in tax laws

 

532,387

 

 

Valuation allowance

 

(534,734)

 

(43,358)

 

(45,034)

Income tax benefit (expense)

$

3,002

$

6,794

$

(5,267)

Schedule of deferred tax assets and liabilities

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

As of December 31, 

    

2023

    

2022

Deferred tax assets:

 

  

 

  

Loss carryforwards

$

714,095

$

155,386

Other

 

34,596

 

27,810

Valuation allowance

 

(694,765)

 

(139,733)

Total net deferred assets

 

53,926

 

43,463

Deferred tax liabilities:

 

  

 

  

Property and equipment

 

(53,172)

 

(42,572)

Total deferred tax liabilities

 

(53,172)

 

(42,572)

Net deferred tax asset (liability)

$

754

$

891