INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

U.S. and foreign components of income from continuing operations, before income taxes and equity in income (losses) of investees consisted of:

 

	Year Ended December 31,
	2024			2023			2022
	(Dollars in thousands)
U.S		$	36,984		$	53,984		$	23,709
Non-U.S. (foreign)		78,393			85,101			71,900
Total income from continuing operations, before income taxes and equity in losses		$	115,377		$	139,085		$	95,609

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision (benefit) for income taxes, net are as follows:

 

	Year Ended December 31,
	2024			2023			2022
	(Dollars in thousands)
Current:
Federal		$	961		$	672		$	641
State		1,478			(1,806)			2,227
Foreign		22,075			35,379			29,370
Total current income tax expense		$	24,514		$	34,245		$	32,238

Deferred:
Federal	(44,992)		(12,780)		(17,179)
State	(5,893)		6,041		2,649
Foreign	10,082		(21,523)		(2,966)
Total deferred tax provision (benefit)	(40,803)		(28,262)		(17,496)
Total Income tax provision	$	(16,289)	$	5,983	$	14,742

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:

	Year Ended December 31,
		2024		2023		2022
U.S. federal statutory tax rate		21.0	%	21.0	%	21.0	%
Foreign tax credits		(3.6)	%	(3.8)	%	(3.8)	%
Withholding tax		(0.3)		1.0		0.2
Valuation allowance - U.S.		—		—		(9.3)
State income tax, net of federal benefit		(0.7)		2.4		5.3
Uncertain tax positions		(2.1)		1.5		0.9
Foreign tax rate change		—		(5.7)		—
Effect of foreign income tax, net		15.6		0.4		6.2
Production tax credits		(4.4)		—		(4.0)
Investment tax credits		(42.9)		(14.0)		—
Tax on global intangible low-tax income		5.1		4.1		4.8
Noncontrolling interest		(1.2)		(1.0)		(2.2)
Other, net		(0.6)		(1.6)		(3.7)
Effective tax rate		(14.1)	%	4.3	%	15.4	%

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax assets and liabilities consist of the following:

	December 31,
	2024			2023
	(Dollars in thousands)
Deferred tax assets (liabilities):
Net foreign deferred taxes, primarily depreciation		$	(36,955)		$	(27,623)
Depreciation		(38,831)			40,993
Intangible drilling costs		(19,307)			(17,543)
Net operating loss carryforward - U.S.		22,760			24,822
Tax monetization transaction		(53,950)			(125,462)
Right-of-use assets		(7,317)			(5,218)
Lease liabilities		5,949			5,105
Production and investment tax credits		118,461			109,556
Foreign tax credits		30,919			33,412
Withholding tax		(19,308)			(20,437)
Basis difference in partnership interest		(13,586)			(12,448)
Excess business interest		18,122			6,162
Sale and leaseback transaction		54,480			58,608
Other assets		14,512			12,404
Accrued liabilities and other		12,071			6,361
Total		88,020			88,692

Less - valuation allowance	(2,700)		(2,870)
Total, net	$	85,320	$	85,822

Summary of Valuation Allowance

The following table presents a reconciliation of the beginning and ending valuation allowance:

 

	Year Ended December 31,
	2024			2023
	(Dollars in thousands)
Balance at beginning of the year		$	2,870		$	2,473
Additions to valuation allowance		0			479
Release of valuation allowance		(170)			(82)
Balance at end of the year		$	2,700		$	2,870

Schedule of Deferred Taxes Classified in Balance Sheet

The following table presents the deferred taxes on the balance sheet as of the dates indicated: 

	Year Ended December 31,
	2024			2023
	(Dollars in thousands)
Non-current deferred tax assets		$	153,936		$	152,570

Non-current deferred tax liabilities	(68,616)		(66,748)
Non-current deferred tax assets, net	85,320		85,822
Uncertain tax benefit offset (1)	(95)		(95)
	$	85,225	$	85,727

 (1) The non-current deferred tax asset has been reduced by the uncertain tax benefit of $0.1 million in accordance with ASU 2013-11, Income Taxes.

Summary of Income Tax Contingencies

A reconciliation of the Company's unrecognized tax benefits is as follows:

	Year Ended December 31,
	2024			2023
	(Dollars in thousands)
Balance at beginning of year		$	6,930		$	5,300
Additions based on tax positions taken in prior years		1,260			395
Additions based on tax positions taken in the current year		431			1,376
Reduction based on tax positions taken in prior years		(3,964)			(141)
Reduction based on tax positions taken in the current year		—			—
Balance at end of year		$	4,657		$	6,930

Summary of Income Tax Examinations

The Company’s foreign subsidiaries remain open to examination by the local income tax authorities in the following countries for the years indicated:

Israel	2023	–	2024
Kenya	2019	–	2024
Guatemala	2020	–	2024
Honduras	2018	–	2024
Guadeloupe	2021	–	2024