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INCOME TAXES (Tables)

9 Months Ended

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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- 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://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

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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://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

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