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INCOME TAXES (Tables) | 9 Months Ended
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Sep. 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 September 30, | 2024 |  | 2023 |  |
| Current income tax expense (benefit) |  |  |  |  |
| U.S. | $ | 25,451 |  |  | $ | 17,879 |  |  |
| Europe | 9,558 |  |  | (1,105) |  |  |
| Bermuda | 2,486 |  |  | 92 |  |  |
| Deferred income tax expense (benefit) |  |  |  |  |
| U.S. | 4,380 |  |  | (4,209) |  |  |
| Europe | 6,047 |  |  | 11,967 |  |  |
| Bermuda | — |  |  | — |  |  |
| Total income tax expense (benefit) | $ | 47,922 |  |  | $ | 24,624 |  |  |
| Nine months ended September 30, | 2024 |  | 2023 |  |  |  |  |  |
| Current income tax expense (benefit) |  |  |  |  |  |  |  |  |
| U.S. | $ | 76,744 |  |  | $ | 52,262 |  |  |  |  |  |  |
| Europe | 19,488 |  |  | 7,415 |  |  |  |  |  |  |
| Bermuda | 2,486 |  |  | 291 |  |  |  |  |  |  |
| Deferred income tax expense (benefit) |  |  |  |  |  |  |  |  |
| U.S. | 2,120 |  |  | (14,854) |  |  |  |  |  |  |
| Europe | 25,682 |  |  | 22,964 |  |  |  |  |  |  |
| Bermuda | (162,705) |  |  | — |  |  |  |  |  |  |
| Total income tax expense (benefit) | $ | (36,185) |  |  | $ | 68,078 |  |  |  |  |  |  |
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 September 30, | 2024 |  | 2023 |
| Income before income taxes |  |  |  |
| Bermuda (domestic) | $ | 6,695 |  | $ | 98,388 |
| Foreign | 221,955 |  | 114,334 |
| Total income before income taxes | $ | 228,650 |  | $ | 212,722 |
| Reconciliation of effective tax rate (% of income before income taxes) |  |  |  |
| Expected tax rate | 0.0 | % |  | 0.0 | % |
| Foreign taxes at local expected rates: |  |  |  |
| U.S. | 12.7 | % |  | 6.7 | % |
| Europe | 7.3 | % |  | 5.1 | % |
| Valuation allowance | (2.8 | %) |  | (3.5 | %) |
| Bermuda Economic Transition Adjustment | 0.0 | % |  | 0.0 | % |
| Other | 3.8 | % |  | 3.3 | % |
| Actual tax rate | 21.0 | % |  | 11.6 | % |
| Nine months ended September 30, | 2024 |  | 2023 |
| Income before income taxes |  |  |  |
| Bermuda (domestic) | $ | 154,014 |  | $ | 262,770 |
| Foreign | 597,954 |  | 324,178 |
| Total income before income taxes | $ | 751,968 |  | $ | 586,948 |
| Reconciliation of effective tax rate (% of income before income taxes) |  |  |  |
| Expected tax rate | 0.0 | % |  | 0.0 | % |
| Foreign taxes at local expected rates: |  |  |  |
| U.S. | 10.4 | % |  | 6.4 | % |
| Europe | 6.0 | % |  | 5.2 | % |
| Valuation allowance | (1.2 | %) |  | (1.8 | %) |
| Bermuda Economic Transition Adjustment | (21.6 | %) |  | 0.0 | % |
| Other | 1.6 | % |  | 1.8 | % |
| Actual tax rate | (4.8 | %) |  | 11.6 | % |

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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://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
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