XML 49 R38.htm IDEA: XBRL DOCUMENT v3.24.2

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Summary of Analysis of Income Tax Expense (Benefit)

The following tables provide an analysis of income tax expense (benefit):

			Three months ended June 30,			2024						2023
			Current income tax expense (benefit)
			U.S.			$	29,794					$	23,479
			Europe			4,402						5,346
			Bermuda			—						—
			Deferred income tax expense (benefit)
			U.S.			(5,005)						(10,715)
			Europe			11,356						9,448
			Bermuda			—						—
			Total income tax expense (benefit)			$	40,547					$	27,558

			Six months ended June 30,			2024						2023
			Current income tax expense (benefit)
			U.S.			$	51,293					$	34,383
			Europe			9,930						8,520
			Bermuda			—						199
			Deferred income tax expense (benefit)
			U.S.			(2,260)						(10,644)
			Europe			19,635						10,996
			Bermuda			(162,705)						—
			Total income tax expense (benefit)			$	(84,107)					$	43,454

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

The following tables present 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 June 30,			2024						2023
			Income before income taxes
			Bermuda (domestic)			$	64,090					$	57,777
			Foreign			188,421						120,455
			Total income before income taxes			$	252,511					$	178,232
			Reconciliation of effective tax rate (% of income before income taxes)
			Expected tax rate			—		%				—		%
			Foreign taxes at local expected rates:
			U.S.			9.7		%				7.1		%
			Europe			6.0		%				7.5		%
			Valuation allowance			(0.1		%)				0.3		%
			Bermuda Economic Transition Adjustment			—		%				—		%
			Other			0.5		%				0.6		%
			Actual tax rate			16.1		%				15.5		%

			Six months ended June 30,			2024						2023
			Income before income taxes
			Bermuda (domestic)			$	147,321					$	164,381
			Foreign			375,997						209,846
			Total income before income taxes			$	523,318					$	374,227
			Reconciliation of effective tax rate (% of income before income taxes)
			Expected tax rate			—		%				—		%
			Foreign taxes at local expected rates:
			U.S.			9.5		%				6.2		%
			Europe			5.5		%				5.2		%
			Valuation allowance			(0.4		%)				(0.8		%)
			Bermuda Economic Transition Adjustment			(31.1		%)				—		%
			Other			0.4		%				1.0		%
			Actual tax rate			(16.1		%)				11.6		%

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration