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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of income (loss) from continuing operations before income taxes

Income (loss) from continuing operations before income taxes consisted of the following:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
United States and Other Jurisdictions		2024			2023			2022
​	​	(In thousands)
United States	​	$	33,302	​	$	215,306	​	$	(19,820)	​
Other jurisdictions	​		(64,342)	​		(86,182)	​		(225,862)	​
Income (loss) from continuing operations before income taxes	​	$	(31,040)	​	$	129,124	​	$	(245,682)	​

​

Schedule of income tax expense (benefit) from continuing operations

Income tax expense (benefit) from continuing operations consisted of the following:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023			2022
​	​	(In thousands)
Current:	​	​	​	​	​	​	​	​	​	​
U.S. federal	​	$	1,175	​	$	4,783	​	$	1,320	​
Outside the U.S.	​		32,326	​		55,769	​		48,837	​
State	​		1,762	​		2,787	​		4,042	​
​	​	$	35,263	​	$	63,339	​	$	54,199	​
Deferred:	​	​	​	​	​	​	​	​	​	​
U.S. federal	​	$	6,408	​	$	16,886	​	$	681	​
Outside the U.S.	​		13,854	​		(1,898)	​		(241)	​
State	​		1,422	​		893	​		6,897	​
​	​	$	21,684	​	$	15,881	​	$	7,337	​
Income tax expense (benefit)	​	$	56,947	​	$	79,220	​	$	61,536	​

​

Reconciliation of the statutory tax rate to worldwide effective tax rate

A reconciliation of our statutory tax rate to our worldwide effective tax rate consists of the following:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023			2022
​	​	(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	​		51,433	​		74,581	​		25,685	​
Increase (decrease) in valuation allowance	​		10,094	​		22,533	​		43,060	​
Impact of foreign exchange rates	​		(9,145)	​		(28,484)	​		(32,108)	​
Prior year adjustments to provision	​	​	2,540	​		(3,513)	​		15,959	​
Uncertain tax positions	​	​	(1,828)	​	​	5,854	​	​	2,080	​
Audit settlements	​	​	(646)	​	​	12,464	​	​	—	​
State income taxes (benefit)	​	​	1,698	​	​	3,838	​	​	266	​
Other	​		2,801	​		(8,053)	​		6,594	​
Income tax expense (benefit)	​	$	56,947	​	$	79,220	​	$	61,536	​
Effective tax rate	​		(183.5%)	​		61.4%	​		(25.0%)	​

​

Schedule of components of net deferred taxes

The components of our net deferred taxes consisted of the following:

​

​	​	​	​	​	​	​	​
​	​	December 31,
​		2024			2023
​	​	(In thousands)
Deferred tax assets:	​	​	​	​	​	​	​
Net operating loss carryforwards	​	$	3,870,614	​	$	4,004,602	​
Tax credit and other attribute carryforwards	​		86,188	​		86,896	​
Disallowed interest carryforward	​		33,907	​		19,311	​
Other	​		88,644	​		106,520	​
Subtotal	​		4,079,353	​		4,217,329	​
Valuation allowance	​		(3,825,551)	​		(3,962,200)	​
Deferred tax assets:	​	$	253,802	​	$	255,129	​
Deferred tax liabilities:	​	​	​	​	​	​	​
Property, plant and equipment	​	$	34,089	​	$	15,181	​
Other	​	​	5,903	​	​	2,443	​
Deferred tax liability	​	$	39,992	​	$	17,624	​
Net deferred tax assets (liabilities)	​	$	213,810	​	$	237,505	​
Balance Sheet Summary:	​	​	​	​	​	​	​
Net noncurrent deferred tax asset	​	$	216,296	​	$	238,871	​
Net noncurrent deferred tax liability	​		(2,486)	​		(1,366)	​
Net deferred tax asset (liability)	​	$	213,810	​	$	237,505	​

​

Schedule of changes in uncertain tax positions

The following is a reconciliation of our uncertain tax positions:

​

​	​	​	​	​	​	​	​	​	​	​	​
​		2024			​	2023			2022
​	​	(In thousands)
Balance as of January 1	​	$	34,016	​	​	$	45,452	​	$	45,988	​
Additions for tax positions of prior years	​		322	​	​		2,207	​		806	​
Reductions for tax positions for prior years	​		(1,046)	​	​		(256)	​		(1,342)	​
Settlements	​	​	(9,968)	​	​	​	(13,387)	​	​	—	​
Balance as of December 31	​	$	23,324	​	​	$	34,016	​	$	45,452	​

​

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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 of the change in unrecognized tax benefits.

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