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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Income (loss) from continuing operations before income taxes

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
United States and Other Jurisdictions		2020			2019			2018
​	​	(In thousands)
United States	​	$	(182,706)	​	$	5,979	​	$	(119,419)	​
Other jurisdictions	​		(522,861)	​		(594,901)	​		(399,375)	​
Income (loss) from continuing operations before income taxes	​	$	(705,567)	​	$	(588,922)	​	$	(518,794)	​

Income tax expense (benefit) from continuing operations

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2020			2019			2018
​	​	​	​	​	​		​	​
​	​	(In thousands)
Current:	​	​	​	​	​	​	​	​	​	​
U.S. federal	​	$	(39,268)	​	$	1,210	​	$	(32,351)	​
Outside the U.S.	​		33,858	​		54,097	​		32,928	​
State	​		(2,020)	​		318	​		1,811	​
​	​	$	(7,430)	​	$	55,625	​	$	2,388	​
Deferred:	​	​	​	​	​	​	​	​	​	​
U.S. federal	​	$	67,909	​	$	58,157	​	$	37,476	​
Outside the U.S.	​		(4,992)	​		(25,428)	​		39,518	​
State	​		1,799	​		3,222	​		(113)	​
​	​	$	64,716	​	$	35,951	​	$	76,881	​
Income tax expense (benefit)	​	$	57,286	​	$	91,576	​	$	79,269	​

Reconciliation of the differences between taxes on income (loss) before income taxes

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2020			2019			2018
​	​	(In thousands)
Income tax provision at statutory (Bermuda rate of 0%)	​	$	—	​	$	—	​	$	—	​
Taxes (benefit) on U.S. and other international earnings (losses) at greater than the Bermuda rate	​		62,751	​		54,060	​		49,375	​
Increase (decrease) in valuation allowance	​		(9,759)	​		32,869	​		38,822	​
Tax reserves and interest	​	​	861	​	​	1,107	​	​	(10,626)	​
State income taxes (benefit)	​		3,433	​		3,540	​		1,698	​
Income tax expense (benefit)	​	$	57,286	​	$	91,576	​	$	79,269	​
Effective tax rate	​		(8.1)%	​		(15.5)%	​		(15.3)%	​

Deferred tax assets and liabilities

​

​	​	​	​	​	​	​	​
​	​	December 31,
​		2020			2019
​	​	(In thousands)
Deferred tax assets:	​	​	​	​	​	​	​
Net operating loss carryforwards	​	$	3,618,227	​	$	2,834,851	​
Equity compensation	​		1,594	​		6,577	​
Deferred revenue	​		3,878	​		8,873	​
Tax credit and other attribute carryforwards	​		84,502	​		97,215	​
Insurance loss reserves	​		2,086	​		2,248	​
Accrued interest	​		—	​		172,120	​
Depreciation and amortization for tax in excess of book expense	​	​	44,837	​	​	—	​
Other	​		110,003	​		95,588	​
Subtotal	​		3,865,127	​		3,217,472	​
Valuation allowance	​		(3,602,144)	​		(2,813,567)	​
Deferred tax assets:	​	$	262,983	​	$	403,905	​
Deferred tax liabilities:	​	​	​	​	​	​	​
Depreciation and amortization for tax in excess of book expense	​	$	—	​	$	80,155	​
Other	​		17,388	​		21,055	​
Deferred tax liability	​	$	17,388	​	$	101,210	​
Net deferred tax assets (liabilities)	​	$	245,595	​	$	302,695	​
Balance Sheet Summary:	​	​	​	​	​	​	​
Net noncurrent deferred tax asset	​	$	247,171	​	$	305,844	​
Net noncurrent deferred tax liability	​		(1,576)	​		(3,149)	​
Net deferred tax asset (liability)	​	$	245,595	​	$	302,695	​

​

Schedule of reconciliation of our uncertain tax positions

​

​	​	​	​	​	​	​	​	​	​	​	​
​		2020			​	2019			2018
​	​	(In thousands)
Balance as of January 1	​	$	25,770	​	​	$	25,711	​	$	33,203	​
Additions based on tax positions related to the current year	​		—	​	​		—	​		—	​
Additions for tax positions of prior years	​		1,887	​	​		1,003	​		308	​
Reductions for tax positions for prior years	​		(953)	​	​		(860)	​		(7,800)	​
Settlements	​	​	—	​	​	​	(84)	​	​	—	​
Balance as of December 31	​	$	26,704	​	​	$	25,770	​	$	25,711	​

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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 of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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