Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of income (loss) from continuing operations before income taxes

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

	Year Ended December 31,
United States and Other Jurisdictions	2023		2022		2021
	(In thousands)
United States	$	215,306	$	(19,820)	$	(153,243)
Other jurisdictions		(86,182)		(225,862)		(334,846)
Income (loss) from continuing operations before income taxes	$	129,124	$	(245,682)	$	(488,089)

Schedule of income tax expense (benefit) from continuing operations

Income tax expense (benefit) from continuing operations consisted of the following:

	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Current:
U.S. federal	$	4,783	$	1,320	$	(1,905)
Outside the U.S.		55,769		48,837		60,318
State		2,787		4,042		7,914
	$	63,339	$	54,199	$	66,327
Deferred:
U.S. federal	$	16,886	$	681	$	(4,669)
Outside the U.S.		(1,898)		(241)		(3,608)
State		893		6,897		(2,429)
	$	15,881	$	7,337	$	(10,706)
Income tax expense (benefit)	$	79,220	$	61,536	$	55,621

Reconciliation of the statutory rate to worldwide effective tax rate

A reconciliation of our statutory tax rate to our worldwide effective tax rate consists of the following:

	Year Ended December 31,
	2023		2022		2021
	(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		74,581		25,685		23,395
Increase (decrease) in valuation allowance		22,533		43,060		8,276
Impact of foreign exchange rates		(28,484)		(32,108)		—
Prior year adjustments to provision		(3,513)		15,959		—
Uncertain tax positions		5,854		2,080		26,266
Audit settlements		12,464		—		—
State income taxes (benefit)		3,838		266		(2,316)
Other		(8,053)		6,594		—
Income tax expense (benefit)	$	79,220	$	61,536	$	55,621
Effective tax rate		61.4%		(25.0%)		(11.4%)

Schedule of components of deferred taxes

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

	December 31,
	2023		2022
	(In thousands)
Deferred tax assets:
Net operating loss carryforwards	$	4,004,602	$	3,878,344
Tax credit and other attribute carryforwards		86,896		84,812
Accrued interest		19,311		13,302
Property, plant and equipment		—		20,431
Other		106,520		100,316
Subtotal		4,217,329		4,097,205
Valuation allowance		(3,962,200)		(3,839,885)
Deferred tax assets:	$	255,129	$	257,320
Deferred tax liabilities:
Property, plant and equipment	$	15,181	$	—
Other		2,443		2,858
Deferred tax liability	$	17,624	$	2,858
Net deferred tax assets (liabilities)	$	237,505	$	254,462
Balance Sheet Summary:
Net noncurrent deferred tax asset	$	238,871	$	257,320
Net noncurrent deferred tax liability		(1,366)		(2,858)
Net deferred tax asset (liability)	$	237,505	$	254,462

Schedule of changes in uncertain tax positions

The following is a reconciliation of our uncertain tax positions:

	2023		2022		2021
	(In thousands)
Balance as of January 1	$	45,452	$	45,988	$	26,704
Additions for tax positions of prior years		2,207		806		19,760
Reductions for tax positions for prior years		(256)		(1,342)		(476)
Settlements		(13,387)		—		—
Balance as of December 31	$	34,016	$	45,452	$	45,988