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Income Taxes - (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The following table sets forth income tax expense (benefit) for the periods indicated (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current taxes: |  |  |  |  |
Bermuda | $ | — |  |  | $ | — |  |  | $ | — |
U.S. | 50,604 |  |  | 45,861 |  |  | 46,380 |
Foreign | 563 |  |  | 580 |  |  | 952 |
| $ | 51,167 |  |  | $ | 46,441 |  |  | $ | 47,332 |
Deferred taxes: |  |  |  |  |
Bermuda | $ | — |  |  | $ | — |  |  | $ | — |
U.S. | (2,350) |  |  | 8,010 |  |  | 23,522 |
Foreign | (14) |  |  | 13 |  |  | (47) |
| (2,364) |  |  | 8,023 |  |  | 23,475 |
Income tax expense (benefit) | $ | 48,803 |  |  | $ | 54,464 |  |  | $ | 70,807 |
The following table summarizes the components of income taxes payable included in Accounts payable and other accrued expenses on the Consolidated Balance Sheets (in thousands):
| December 31, 2024 |  | December 31, 2023
Corporate income taxes payable | $ | 205 |  |  | $ | 99 |
Unrecognized tax benefits | — |  |  | — |
Interest accrued | — |  |  | — |
Penalties | — |  |  | — |
Income taxes payable | $ | 205 |  |  | $ | 99 |
Schedule of Income before Income Tax, Domestic and Foreign | The following table sets forth the components of income (loss) before income taxes (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Bermuda sources | $ | 308,711 |  |  | $ | 325,453 |  |  | $ | 532,391 |
U.S. sources | 256,967 |  |  | 201,960 |  |  | 284,468 |
Foreign sources | 1,320 |  |  | 1,140 |  |  | 870 |
Income (loss) before income taxes | $ | 566,998 |  |  | $ | 528,553 |  |  | $ | 817,729 |
Schedule of Effective Income Tax Rate Reconciliation | The following table sets forth 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:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Bermuda tax rate | — | % |  | — | % |  | — | %
Change in enacted tax act | (0.52) | % |  | 0.86 | % |  | 0.66 | %
U.S. income taxed at other than the statutory rate | 9.18 | % |  | 8.54 | % |  | 7.58 | %
Effect of uncertain tax positions | — | % |  | — | % |  | (0.06) | %
Foreign income taxed at other than the statutory rate | 0.09 | % |  | 0.10 | % |  | 0.16 | %
Effect of permanent differences | 1.01 | % |  | 0.75 | % |  | 0.10 | %
Effect of investment tax credit purchase | (0.41) | % |  | — | % |  | — | %
Other discrete items | (0.74) | % |  | 0.05 | % |  | 0.22 | %
Effective income tax rate | 8.61 | % |  | 10.30 | % |  | 8.66 | %
Schedule of Deferred Tax Assets and Liabilities | The following table sets forth the components of deferred income tax assets and liabilities (in thousands):
| December 31, 2024 |  | December 31, 2023
Deferred income tax assets: |  |  |
Net operating loss and interest expense limitation carryforwards | $ | 10,378 |  |  | $ | 6,244 |
Deferred income | 2,172 |  |  | 2,344 |
Accrued liabilities and other payables | 3,758 |  |  | 5,191 |
Total deferred tax assets | $ | 16,308 |  |  | $ | 13,779 |
Deferred income tax liabilities: |  |  |
Accelerated depreciation | $ | 286,914 |  |  | $ | 321,494 |
Deferred partnership income (loss) | 133,656 |  |  | 100,961 |
Goodwill and other intangible amortization | 4,066 |  |  | 4,055 |
Derivative instruments | 1,346 |  |  | 3,170 |
Other | 850 |  |  | — |
Total deferred tax liability | 426,832 |  |  | 429,680 |
Net deferred income tax liability | $ | 410,524 |  |  | $ | 415,901 |
Summary of Income Tax Interest and Penalties | The following table summarizes interest and penalty expense (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Interest expense (benefit) | $ | — |  |  | $ | — |  |  | $ | (86) |
Penalty expense (benefit) | $ | — |  |  | $ | — |  |  | $ | (98) |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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