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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]

Summary Of Components Of Provision For Income Taxes From Continuing Operations

The components of our provision for income taxes are summarized as follows (in millions):

			Years Ended December 31,
			2024						2023						2022
Current income tax expense (benefit):
U.S.			$	11.5					$	(30.3)					$	12.4
Non-U.S.			(16.9)						34.1						22.8
			(5.4)						3.8						35.2
Deferred income tax expense (benefit):
U.S.			(4.4)						1.9						8.5
Non-U.S.			10.2						(788.3)						(0.6)
			5.8						(786.4)						7.9
Total income tax expense (benefit)			$	0.4					$	(782.6)					$	43.1

Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities)

The components of deferred income tax assets and liabilities are summarized as follows (in millions):

						December 31,
						2024						2023
Deferred tax assets:
Net operating loss carryforwards						$	3,071.8					$	3,308.9
Property and equipment						1,555.4						1,535.1
Interest limitation carryforwards						126.0						123.4
Foreign tax credits						16.4						44.7
Employee benefits, including share-based compensation						36.6						41.6
Premiums on long-term debt						4.0						6.0
Other						17.9						14.4
Valuation allowance						(3,971.3)						(4,192.4)
Total deferred tax assets						856.8						881.7
Deferred tax liabilities						(26.7)						(26.8)
Net deferred tax asset						$	830.1					$	854.9

Summary Of Effective Income Tax Rate On Continuing Operations

Our consolidated effective income tax rate for the years ended December 31, 2024, 2023 and 2022, respectively, differs from the Bermuda statutory income tax rates as follows:

			Years Ended December 31,
			2024						2023						2022
Bermuda statutory income tax rate			—		%				—		%				—		%
Non-Bermuda taxes			25.6						74.0						22.8
Valuation allowance			(2.3)						(953.6)						0.6
Resolution of prior year items			(23.2)						(49.9)						(7.0)
Other			—						—						2.8
Effective income tax rate			0.1		%				(929.5)		%				19.2		%

Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 (in millions) were as follows:

						Years Ended December 31,
						2024						2023						2022
Balance, beginning of period						$	201.4					$	217.6					$	235.1
Settlements with taxing authorities						(103.5)						(41.8)						(16.5)
Impact of foreign currency exchange rates						(7.9)						0.6						(9.7)
Increases as a result of tax positions taken during prior years						4.1						88.6						3.0
Increases as a result of tax positions taken during the current year						2.7						13.4						11.2
Lapse of applicable statutes of limitations						(1.9)						(73.6)						(4.5)
Decreases as a result of tax positions taken during prior years						(1.4)						(3.4)						(1.0)
Balance, end of period						$	93.5					$	201.4					$	217.6

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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Tabular disclosure for tax position taken on unrecognized tax benefit.

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