Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of income (loss) before income taxes

Income (loss) before income taxes consisted of the following:

	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Bermuda (Domestic)	$	(149,154)	$	—	$	—
Foreign
United States		462,873		33,302		215,306
Other jurisdictions		223,809		(64,342)		(86,182)
Income (loss) before income taxes	$	537,528	$	(31,040)	$	129,124

Schedule of income tax expense (benefit)

Income tax expense (benefit) consisted of the following:

	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Current:
Bermuda (Domestic)	$	—	$	—	$	—
Foreign
United States - Federal		(3,696)		1,175		4,783
United States - State		8,818		32,326		55,769
Other foreign jurisdictions		60,829		1,762		2,787
Total current	$	65,951	$	35,263	$	63,339
Deferred:
Bermuda (Domestic)	$	—	$	—	$	—
Foreign
United States - Federal		91,884		6,408		16,886
United States - State		11,586		13,854		(1,898)
Other foreign jurisdictions		(6,326)		1,422		893
Total deferred	$	97,144	$	21,684	$	15,881
Income tax expense (benefit)	$	163,095	$	56,947	$	79,220

Reconciliation of the statutory tax rate to worldwide effective tax rate

The following table is a reconciliation of the Bermuda national statutory tax rate of 15%, that became effective on January 1, 2025, to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09:

	Year Ended December 31,
	2025
	(In thousands, except percentages)
	Amount		Percent
Bermuda national statutory tax rate	$	80,629	15.0%
Foreign tax effects:
Argentina
Effect of rates different than statutory		4,182	0.8%
Foreign withholding tax		4,774	0.9%
Valuation allowance		(5,940)	(1.1%)
Other reconciling items		(1,372)	(0.3%)
Luxembourg
Internal restructuring		(26,502)	(4.9%)
Valuation allowance		26,722	5.0%
Other reconciling items		1,260	0.2%
Netherlands
Tax credits		(3,960)	(0.7%)
Other reconciling items		2,009	0.4%
Russia
Valuation allowance		5,638	1.0%
Other reconciling items		(2,375)	(0.4%)
Saudi Arabia
Foreign withholding tax		3,722	0.7%
Effect of rates different than statutory		7,787	1.4%
Interest on shareholder loan		(5,834)	(1.1%)
Other reconciling items		(2,646)	(0.5%)
United States
State and local income taxes		16,120	3.0%
Effect of rates different than statutory		28,233	5.3%
Nontaxable or nondeductible items		3,194	0.6%
Other reconciling items		205	0.0%
Other jurisdictions		11,018	2.0%
Valuation allowance		21,518	4.0%
Other reconciling items		855	0.2%
Changes in unrecognized tax benefits		(6,142)	(1.1%)
Income tax expense (benefit)	$	163,095	30.3%

The following table is a reconciliation of the Bermuda national statutory tax rate of 0% to our worldwide effective tax rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09:

	Year Ended December 31,
	2024		2023
	(In thousands)
Income tax provision at statutory (Bermuda rate of 0%)	$	—	$	—
Taxes (benefit) on U.S. and other international earnings (losses) at greater than the Bermuda rate		51,433		74,581
Increase (decrease) in valuation allowance		10,094		22,533
Impact of foreign exchange rates		(9,145)		(28,484)
Prior year adjustments to provision		2,540		(3,513)
Uncertain tax positions		(1,828)		5,854
Audit settlements		(646)		12,464
State income taxes (benefit)		1,698		3,838
Other		2,801		(8,053)
Income tax expense (benefit)	$	56,947	$	79,220
Effective tax rate		(183.5%)		61.4%

Schedule of components of the cash payments (net of refunds) for income taxes

The following table lists the components of the income taxes paid (net of refunds received):

	Year Ended December 31,
	2025
	(In thousands)
Bermuda (Domestic)	$	—
Foreign
Argentina		8,130
Colombia		6,939
Mexico		6,199
Saudi Arabia		26,351
United States - Federal		7,185
United States - State		4,795
Foreign Other		14,139
Net cash paid (refunds received) for income taxes	$	73,738

Schedule of components of net deferred taxes

The components of our net deferred taxes consisted of the following:

	December 31,
	2025		2024
	(In thousands)
Deferred tax assets:
Net operating loss carryforwards	$	3,934,828	$	3,870,614
Tax credit and other attribute carryforwards		76,314		86,188
Disallowed interest carryforward		16,642		33,907
Property, plant and equipment		11,798		—
Other		93,287		88,644
Subtotal		4,132,869		4,079,353
Valuation allowance		(3,944,634)		(3,825,551)
Deferred tax assets:	$	188,235	$	253,802
Deferred tax liabilities:
Property, plant and equipment	$	—	$	34,089
Other		6,137		5,903
Deferred tax liability	$	6,137	$	39,992
Net deferred tax assets (liabilities)	$	182,098	$	213,810
Balance Sheet Summary:
Net noncurrent deferred tax asset	$	189,224	$	216,296
Net noncurrent deferred tax liability		(7,126)		(2,486)
Net deferred tax asset (liability)	$	182,098	$	213,810

Schedule of changes in uncertain tax positions

The following is a reconciliation of our uncertain tax positions:

	2025		2024		2023
	(In thousands)
Balance as of January 1	$	23,324	$	34,016	$	45,452
Additions for tax positions of prior years		2,745		322		2,207
Reductions for tax positions for prior years		—		(1,046)		(256)
Settlements		(8,781)		(9,968)		(13,387)
Balance as of December 31	$	17,288	$	23,324	$	34,016