Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Income Tax Disclosure [Abstract] |
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| Schedule of components of net income before income taxes |
The components of net income before income taxes consist of the following (in thousands): | | | | | | | | | | | | Year Ended December 31, | | | 2019 | | 2018 | | 2017 | Bermuda | | $ | — | | $ | — | | $ | — | Foreign - Other | | | 911,365 | | | 969,310 | | | 770,614 | Net income before income taxes | | $ | 911,365 | | $ | 969,310 | | $ | 770,614 |
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| 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, | | | 2019 | | 2018 | | 2017 | Current: | | | | | | | | | | Bermuda | | $ | — | | $ | — | | $ | — | United States | | | (975) | | | (7,409) | | | 1,828 | Foreign - Other | | | (6,294) | | | (5,371) | | | (4,617) | Total current: | | | (7,269) | | | (12,780) | | | (2,789) | Deferred: | | | | | | | | | | Bermuda | | | — | | | — | | | — | United States | | | 25,785 | | | (1,912) | | | (8,439) | Foreign - Other | | | 347 | | | 225 | | | 486 | Total deferred: | | | 26,132 | | | (1,687) | | | (7,953) | Income tax benefit (expense) | | $ | 18,863 | | $ | (14,467) | | $ | (10,742) |
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| Schedule of reconciliation of income tax 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, | | | 2019 | | 2018 | | 2017 | Tax at Bermuda statutory rate | | $ | — | | $ | — | | $ | — | Foreign income taxes at different rates | | | (18,630) | | | (17,540) | | | (28,188) | Tax contingencies | | | (206) | | | (5) | | | 11,184 | Return to provision adjustments | | | 2,014 | | | 2,961 | | | (1,397) | Benefit (expense) from change in tax rate | | | (14) | | | 117 | | | 7,659 | Valuation allowance | | | 35,699 | | | — | | | — | Income tax benefit (expense) | | $ | 18,863 | | $ | (14,467) | | $ | (10,742) |
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| Schedule of deferred tax assets and liabilities |
Deferred tax assets and liabilities were as follows (in thousands): | | | | | | | | | As of December 31, | | | 2019 | | 2018 | Deferred tax assets: | | | | | | | Loss carryforwards | | $ | 54,342 | | $ | 63,201 | Other | | | 3,573 | | | 2,535 | Valuation allowance | | | (5,847) | | | (41,924) | Total net deferred assets | | | 52,068 | | | 23,812 | Deferred tax liabilities: | | | | | | | Property and equipment | | | (39,571) | | | (37,448) | Total deferred tax liabilities | | | (39,571) | | | (37,448) | Net deferred tax asset (liability) | | $ | 12,497 | | $ | (13,636) |
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| Schedule of reconciliation of the total amounts of unrecognized tax benefits |
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands): | | | | | | | | | As of December 31, | | | 2019 | | 2018 | Unrecognized tax benefits, beginning of the year | | $ | 532 | | $ | 532 | Gross increases in tax positions from prior periods | | | 200 | | | — | Unrecognized tax benefits, end of year | | $ | 732 | | $ | 532 |
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