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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Income (loss) from continuing operations before income taxes

Year Ended December 31,

 

United States and Other Jurisdictions

    

2021

    

2020

    

2019

 

(In thousands)

 

United States

$

(153,243)

$

(182,706)

$

5,979

Other jurisdictions

 

(334,846)

 

(522,861)

 

(594,901)

Income (loss) from continuing operations before income taxes

$

(488,089)

$

(705,567)

$

(588,922)

Income tax expense (benefit) from continuing operations

Year Ended December 31,

 

    

2021

    

2020

    

2019

 

 

(In thousands)

 

Current:

U.S. federal

$

(1,905)

$

(39,268)

$

1,210

Outside the U.S.

 

60,318

 

33,858

 

54,097

State

 

7,914

 

(2,020)

 

318

$

66,327

$

(7,430)

$

55,625

Deferred:

U.S. federal

$

(4,669)

$

67,909

$

58,157

Outside the U.S.

 

(3,608)

 

(4,992)

 

(25,428)

State

 

(2,429)

 

1,799

 

3,222

$

(10,706)

$

64,716

$

35,951

Income tax expense (benefit)

$

55,621

$

57,286

$

91,576

Reconciliation of the differences between taxes on income (loss) before income taxes

Year Ended December 31,

 

    

2021

    

2020

    

2019

 

(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

 

23,395

 

62,751

 

54,060

Increase (decrease) in valuation allowance

 

8,276

 

(9,759)

 

32,869

Tax reserves and interest

26,266

861

1,107

State income taxes (benefit)

 

(2,316)

 

3,433

 

3,540

Income tax expense (benefit)

$

55,621

$

57,286

$

91,576

Effective tax rate

 

(11.4)%

 

(8.1)%

 

(15.5)%

Deferred tax assets and liabilities

December 31,

 

    

2021

    

2020

 

(In thousands)

 

Deferred tax assets:

Net operating loss carryforwards

$

3,676,333

$

3,618,227

Equity compensation

 

822

 

1,594

Deferred revenue

 

775

 

3,878

Tax credit and other attribute carryforwards

 

84,624

 

84,502

Insurance loss reserves

 

2,909

 

2,086

Depreciation and amortization for tax in excess of book expense

118,151

44,837

Other

 

131,223

 

110,003

Subtotal

 

4,014,837

 

3,865,127

Valuation allowance

 

(3,754,207)

 

(3,602,144)

Deferred tax assets:

$

260,630

$

262,983

Deferred tax liabilities:

Depreciation and amortization for tax in excess of book expense

$

$

Other

 

4,772

 

17,388

Deferred tax liability

$

4,772

$

17,388

Net deferred tax assets (liabilities)

$

255,858

$

245,595

Balance Sheet Summary:

Net noncurrent deferred tax asset

$

258,631

$

247,171

Net noncurrent deferred tax liability

 

(2,773)

 

(1,576)

Net deferred tax asset (liability)

$

255,858

$

245,595

Schedule of reconciliation of our uncertain tax positions

    

2021

    

2020

    

2019

 

(In thousands)

 

Balance as of January 1

$

26,704

$

25,770

$

25,711

Additions for tax positions of prior years

 

19,760

 

1,887

 

1,003

Reductions for tax positions for prior years

 

(476)

 

(953)

 

(860)

Settlements

(84)

Balance as of December 31

$

45,988

$

26,704

$

25,770