Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities are as follows (in thousands):
December 31,
  2024 2023
Deferred tax assets:
Foreign tax credits $ 6,275  $ 19,456 
Net operating losses 137,902  153,068 
Pension liability 41  (269)
Interest expense limitation 53,572  49,431 
Accrued expenses not currently deductible 12,682  18,367 
Lease liabilities 87,778  34,553 
Other 7,660  6,544 
Gross deferred tax assets 305,910  281,150 
Valuation allowance (139,272) (155,411)
Total deferred tax assets $ 166,638  $ 125,739 
Deferred tax liabilities:
Property and equipment $ (92,505) $ (99,684)
Inventories (976) (1,366)
Investment in foreign subsidiaries and unconsolidated affiliates (2,764) (6,365)
Right-of-use lease asset (87,826) (34,496)
Intangibles (13,838) (13,245)
Other 17,692  (2,578)
Total deferred tax liabilities $ (180,217) $ (157,734)
Net deferred tax liabilities $ (13,579) $ (31,995)
Summary of Operating Loss Carryforwards The following table shows the expiration of such loss carryforwards (in thousands, except dates):
  December 31, 2024 Expiration
Foreign tax credit carryforwards $6,275 2025-2033
Foreign net operating loss carryforwards $373,558 Indefinite
State net operating loss carryforwards $428,533 Indefinite
State net operating loss carryforwards $134,934 2025-2042
Section 163j interest expense $255,092 Indefinite
Schedule of Components of Loss Before Benefit (Provision) for Income Taxes
The components of income (loss) before income taxes for the periods reflected in the table below were as follows (in thousands):
  Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Nine Months Ended
December 31, 2022
Domestic $ 21,188  $ (39,130) $ (7,692)
Foreign 80,875  57,142  28,771 
Income (loss) before income taxes $ 102,063  $ 18,012  $ 21,079 
Schedule of Provision (Benefit) for Income Taxes
The components of income tax expense (benefit) for the periods reflected in the table below were as follows (in thousands):
  Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Nine Months Ended
December 31, 2022
Current:
Domestic $ 12,839  $ 10,347  $ 3,995 
Foreign 14,314  13,916  8,821 
$ 27,153  $ 24,263  $ 12,816 
Deferred:
Domestic $ (14,519) $ (2,568) $ (3,419)
Foreign (5,441) 3,237  (1,903)
$ (19,960) $ 669  $ (5,322)
Income tax expense $ 7,193  $ 24,932  $ 7,494 
Schedule of Reconciliation of Effective Income Tax Rate
The reconciliation of the U.S. Federal statutory tax rate to the effective income tax rate for the periods reflected in the table below is as follows:
  Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Nine Months Ended
December 31, 2022
Statutory rate 21.0  % 21.0  % 21.0  %
Net foreign tax on non-U.S. earnings 0.9  % 15.5  % 49.0  %
Foreign earnings double tax relief (8.0) % (9.5) % (5.0) %
Foreign earnings indefinitely reinvested abroad —  % (3.4) % (28.7) %
Change in valuation allowance (3.5) % (23.6) % (12.9) %
Foreign earnings that are currently taxed in the U.S. —  % 7.4  % 5.9  %
Changes in prior year estimates (0.3) % —  % 0.9  %
Impact of U.S. withholding tax 10.6  % 2.2  % 3.6  %
Impact of tax rate changes 2.9  % 2.6  % —  %
Foreign tax credits 12.9  % 76.5  % —  %
Deferred gains (3.1) % 7.9  % —  %
GILTI income 0.9  % 19.8  % —  %
Other, net (27.2) % 22.0  % 1.8  %
Effective tax rate 7.1  % 138.4  % 35.6  %
Schedule of Open Tax Years and Unrecognized Tax Benefits
The following table summarizes the years open by jurisdiction as of December 31, 2024:
  Years Open
U.S. 2021 to present
UK 2023 to present
Nigeria 2014 to present
Guyana 2015 to present
Trinidad 2018 to present
Australia 2020 to present
Norway 2019 to present
Brazil 2020 to present
Schedule of Unrecognized Tax Benefits
The activity associated with unrecognized tax benefit for the periods reflected in the table below was follows (in thousands):
  Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Nine Months Ended
December 31, 2022
Unrecognized tax benefits – beginning of period $ 4,173  $ 4,067  $ 3,942 
Increases for tax positions taken in prior periods —  106  200 
Decreases for tax positions taken in prior periods —  —  (75)
Decrease related to statute of limitation expirations (4,073) —  — 
Unrecognized tax benefits – end of period $ 100  $ 4,173  $ 4,067