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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] |
Summary Of Components Of Provision For Income Taxes From Continuing Operations | Our income before income taxes and benefit for income taxes for the year ended December 31, 2025 are summarized as follows (in millions):
Income (loss) before income taxes: |  |  |
Bermuda | $ | (107.4) |  |  |
Foreign |  |  |
U.S. | 42.2 |  |  |
Other foreign | 617.5 |  |  |
Total foreign | 659.7 |  |  |
Total income before income taxes | $ | 552.3 |  |  |
Provision (benefit) for income taxes: |  |  |
Current tax expense: |  |  |
Bermuda federal | $ | — |  |  |
Bermuda state | — |  |  |
Foreign |  |  |
U.S. | 13.7 |  |  |
Other foreign | 74.6 |  |  |
Total foreign | 88.3 |  |  |
Total current tax expense | $ | 88.3 |  |  |
Deferred tax benefit: |  |  |
Bermuda federal | $ | — |  |  |
Bermuda state | — |  |  |
Foreign |  |  |
U.S. | (1.7) |  |  |
Other foreign | (513.4) |  |  |
Total foreign | (515.1) |  |  |
Total deferred tax benefit | $ | (515.1) |  |  |
Total provision (benefit) for income taxes: |  |  |
Bermuda federal | $ | — |  |  |
Bermuda state | — |  |  |
Foreign |  |  |
U.S. | 12.0 |  |  |
Other foreign | (438.8) |  |  |
Total foreign | (426.8) |  |  |
Total benefit for income taxes | $ | (426.8) |  |  |
Our income before income taxes and provision for income taxes for the years ended December 31, 2024 and 2023 are summarized as follows (in millions):
| Years Ended December 31,
| 2024 |  | 2023
Income before income taxes: |  |  |
U.S. | $ | 49.8 |  |  | $ | 30.7 |
Non-U.S. | 320.4 |  |  | 53.5 |
| $ | 370.2 |  |  | $ | 84.2 |
Current income tax expense (benefit): |  |  |
U.S. | $ | 11.5 |  |  | $ | (30.3) |
Non-U.S. | (16.9) |  |  | 34.1 |
| (5.4) |  |  | 3.8 |
Deferred income tax expense (benefit): |  |  |
U.S. | (4.4) |  |  | 1.9 |
Non-U.S. | 10.2 |  |  | (788.3) |
| 5.8 |  |  | (786.4) |
Total income tax expense (benefit) | $ | 0.4 |  |  | $ | (782.6) |
Summary Of Effective Income Tax Rate On Continuing Operations | Our consolidated effective tax rate reconciliation for the year ended December 31, 2025 is summarized below (in millions, except percentages):
| Amount |  | %
Bermuda federal statutory rate | $ | 82.8 |  |  | 15.0 | %
Changes in valuation allowances | 16.1 |  |  | 2.9 | %
Foreign tax effects |  |  |
Angola |  |  |
Withholding taxes | 16.5 |  |  | 3.0 | %
Changes in valuation allowances | (8.0) |  |  | (1.4) | %
Other | 8.4 |  |  | 1.5 | %
Brazil |  |  |
Tax rate differential | 11.5 |  |  | 2.1 | %
Other | (3.1) |  |  | (0.6) | %
British Virgin Islands |  |  |
Tax rate differential | 6.3 |  |  | 1.1 | %
Luxembourg |  |  |
Changes in valuation allowances | (1,092.2) |  |  | (197.8) | %
Prior period tax matters | (54.8) |  |  | (9.9) | %
Cross border income inclusion | 9.5 |  |  | 1.7 | %
State and local tax rate differential | 9.2 |  |  | 1.7 | %
Other | 4.8 |  |  | 0.9 | %
Saudi Arabia |  |  |
Withholding taxes | 6.3 |  |  | 1.1 | %
Other | 2.8 |  |  | 0.5 | %
Switzerland |  |  |
Changes in valuation allowances | 383.9 |  |  | 69.5 | %
Prior period tax matters | 156.2 |  |  | 28.3 | %
Tax rate differential | (25.2) |  |  | (4.6) | %
State and local tax rate differential | 13.4 |  |  | 2.4 | %
Global minimum taxes | 5.5 |  |  | 1.0 | %
Other | (1.4) |  |  | (0.3) | %
Trinidad |  |  |
Tax rate differential | 6.6 |  |  | 1.2 | %
Changes in valuation allowances | (5.2) |  |  | (0.9) | %
Other | (1.5) |  |  | (0.3) | %
United Kingdom |  |  |
Changes in valuation allowances | 10.0 |  |  | 1.8 | %
United States |  |  |
Changes in valuation allowances | (17.2) |  |  | (3.1) | %
Expiration of foreign tax credits | 16.3 |  |  | 3.0 | %
Other | 6.6 |  |  | 1.2 | %
Other foreign jurisdictions (1) | 12.8 |  |  | 2.3 | %
Changes in unrecognized tax benefits | (3.7) |  |  | (0.6) | %
Total | $ | (426.8) |  |  | (77.3) | %
(1)Other foreign jurisdictions includes the aggregated remaining foreign jurisdictions for which there were no foreign tax effects reconciling items which exceeded the 5% disclosure threshold. Our consolidated effective tax rate reconciliations for the years ended December 31, 2024 and 2023 are summarized below (in millions, except percentages):
| Years Ended December 31,
| 2024 |  | 2023
Bermuda statutory income tax rate | — | % |  | — | %
Non-Bermuda taxes | 25.6 |  |  | 74.0 |
Valuation allowance | (2.3) |  |  | (953.6) |
Resolution of prior year items | (23.2) |  |  | (49.9) |
Effective income tax rate | 0.1 | % |  | (929.5) | %
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,
|  | 2025 |  | 2024
Deferred tax assets: |  |  |  |
Net operating loss carryforwards |  | $ | 3,103.9 |  |  | $ | 3,071.8 |
Property and equipment |  | 1,397.4 |  |  | 1,555.4 |
Interest limitation carryforwards |  | 112.9 |  |  | 126.0 |
Employee benefits, including share-based compensation |  | 28.0 |  |  | 36.6 |
Foreign tax credits |  | 0.2 |  |  | 16.4 |
Other |  | 17.9 |  |  | 21.9 |
Valuation allowance |  | (3,292.3) |  |  | (3,971.3) |
Total deferred tax assets |  | 1,368.0 |  |  | 856.8 |
Deferred tax liabilities |  | (26.9) |  |  | (26.7) |
Net deferred tax asset |  | $ | 1,341.1 |  |  | $ | 830.1 |
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, 2025, 2024 and 2023 (in millions) were as follows:
|  | Years Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Balance, beginning of period |  | $ | 93.5 |  |  | $ | 201.4 |  |  | $ | 217.6 |
Increases as a result of tax positions taken during prior years |  | 10.2 |  |  | 4.1 |  |  | 88.6 |
Decreases as a result of tax positions taken during prior years |  | (8.6) |  |  | (1.4) |  |  | (3.4) |
Settlements with taxing authorities |  | (7.0) |  |  | (103.5) |  |  | (41.8) |
Impact of foreign currency exchange rates |  | 6.5 |  |  | (7.9) |  |  | 0.6 |
Increases as a result of tax positions taken during the current year |  | 1.3 |  |  | 2.7 |  |  | 13.4 |
Lapse of applicable statutes of limitations |  | (1.1) |  |  | (1.9) |  |  | (73.6) |
Balance, end of period |  | $ | 94.8 |  |  | $ | 93.5 |  |  | $ | 201.4 |

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