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Income Taxes (Tables)

12 Months Ended

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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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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