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Income Taxes Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

	December 31, 2019				December 31, 2018
Corporate income taxes payable	$	29			$	906
Unrecognized tax benefits	958				8,590
Interest accrued	215				922
Penalties	287				402
Income taxes payable	$	1,489			$	10,820

	December 31, 2019				December 31, 2018				December 31, 2017
Current taxes:
Bermuda	$	—			$	—			$	—
U.S.	(637		)		3,164				36
Foreign	1,166				1,072				839
	$	529			$	4,236			$	875
Deferred taxes:
Bermuda	$	—			$	—			$	—
U.S.	26,843				67,136				(94,079		)
Foreign	179				(731		)		(70		)
	27,022				66,405				(94,149		)
Total income taxes	$	27,551			$	70,641			$	(93,274	)

Schedule of Income before Income Tax, Domestic and Foreign

	December 31, 2019				December 31, 2018				December 31, 2017
Bermuda sources	$	241,985			$	128,905			$	134,849
U.S. sources	135,758				288,386				125,799
Foreign sources	3,087				10,022				(396		)
Income (loss) before income taxes	$	380,830			$	427,313			$	260,252

Schedule of Effective Income Tax Rate Reconciliation

The difference between the Bermuda statutory income tax rate and the effective tax rate on the consolidated statements of operations for the periods indicated below were as follows:

	December 31, 2019			December 31, 2018			December 31, 2017
Bermuda tax rate	—	%		—	%		—	%
Change in enacted tax act	—	%		1.02	%		(53.55	)%
U.S. income taxed at other than the statutory rate	7.85	%		14.67	%		17.10	%
Effect of uncertain tax positions	0.17	%		0.07	%		0.21	%
Foreign income taxed at other than the statutory rate	0.14	%		0.18	%		0.10	%
Effect of permanent differences	0.12	%		0.28	%		0.04	%
Other discrete items	(1.05	)%		0.31	%		0.26	%
Effective income tax rate	7.23	%		16.53	%		(35.84	)%

Summary of Unrecognized Tax Benefits

The following table summarizes unrecognized tax benefit amounts as follows (in thousands):

	December 31, 2019				December 31, 2018
Beginning balance at January 1	$	8,590			$	8,250
Increase (decrease) related to tax positions	(7,248		)		1,652
Lapse of statute of limitations	(333		)		(1,367		)
Foreign exchange adjustment	(51		)		55
Ending balance at December 31	$	958			$	8,590

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities are comprised of the following (in thousands):

	December 31, 2019				December 31, 2018
Deferred income tax assets:
Net operating loss carryforwards	$	71,138			$	60,173
Allowance for losses	141				98
Derivative instruments	4,899				934
Deferred income	395				359
Accrued liabilities and other payables	3,118				3,875
Total gross deferred tax assets	79,691				65,439
Less: Valuation allowance	—				—
Net deferred tax assets	$	79,691			$	65,439
Deferred income tax liabilities:
Accelerated depreciation	$	353,991			$	318,779
Goodwill and other intangible amortization	3,775				2,981
Derivative instruments	105				2,306
Deferred income	11,034				19,294
Deferred partnership income (loss)	11,786				967
Other	317				3,241
Total gross deferred tax liability	381,008				347,568
Net deferred income tax liability	$	301,317			$	282,129

Summary of Income Tax Interest and Penalties

The following table summarizes interest and penalty expense as follows (in thousands):

	December 31, 2019				December 31, 2018				December 31, 2017
Interest expense (benefit)	$	193			$	98			$	144
Penalty expense (benefit)	$	(115	)		$	(158	)		$	(64	)

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