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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Analysis of Income Tax Expense (Benefit) and Tax Assets

The following table provides an analysis of income tax expense (benefit):

			Three months ended March 31,			2024						2023
			Current income tax expense (benefit)
			U.S.			$	21,498					$	10,905
			Europe			5,528						3,174
			Bermuda			—						199
			Deferred income tax expense (benefit)
			U.S.			2,745						70
			Europe			8,280						1,548
			Bermuda			(162,705)						—
			Total income tax expense (benefit)			$	(124,654)					$	15,896

Schedule of Distribution of Income Before Income Taxes and Reconciliation of Income Tax Rate To Effective Tax Rate

The following table presents the distribution of income before income taxes between domestic and foreign jurisdictions and a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before income taxes:

			Three months ended March 31,			2024						2023
			Income before income taxes
			Bermuda (domestic)			$	83,231					$	106,604
			Foreign			187,574						89,388
			Total income before income taxes			$	270,805					$	195,992
			Reconciliation of effective tax rate (% of income before income taxes)
			Expected tax rate			—		%				—		%
			Foreign taxes at local expected rates:
			U.S.			9.2		%				5.4		%
			Europe			5.0		%				3.2		%
			Valuation allowance			(0.7		%)				(1.8		%)
			Bermuda Economic Transition Adjustment			(60.1		%)				—		%
			Other			0.6		%				1.3		%
			Actual tax rate			(46.0		%)				8.1		%

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- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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