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Income Taxes - (Tables)

12 Months Ended

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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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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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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-Name Accounting Standards Codification
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