Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows (in thousands):

	Successor			Predecessor
	Period from			Period from
	April 24, 2021 through			January 1, 2021 through			Year Ended December 31,
	December 31, 2021			April 23, 2021			2020			2019
Federal – current	$	3,645		$	171		$	(11,844	)	$	(13,810	)
State – current		—			—			(12	)		19
Foreign – current		1,491			(3,681	)		9,898			25,899
Total current		5,136			(3,510	)		(1,958	)		12,108
Federal – deferred		(6,742	)		(30,955	)		(7,431	)		(67,015	)
Foreign – deferred		3,260			(4,939	)		(11,797	)		10,107
Total deferred		(3,482	)		(35,894	)		(19,228	)		(56,908	)
Total	$	1,654		$	(39,404	)	$	(21,186	)	$	(44,800	)

Difference Between Actual Income Tax Expense and Tax Provision Computed by Applying Statutory Federal Income Tax Rate to Income Before Taxes

The difference between actual income tax expense and the tax provision computed by applying the statutory federal income tax rate to income before taxes is attributable to the following (in thousands):

	Successor			Predecessor
	Period from			Period from
	April 24, 2021 through			January 1, 2021 through			Year Ended December 31,
	December 31, 2021			April 23, 2021			2020			2019
(Loss) income before income tax expense:
U.S.	$	(1,048	)	$	686,202		$	(336,880	)	$	(339,072	)
Foreign		(174,642	)		(2,687,595	)		(939,210	)		(62,942	)
	$	(175,690	)	$	(2,001,393	)	$	(1,276,090	)	$	(402,014	)
Expected income tax benefit at federal statutory rate	$	(36,895	)	$	(420,292	)	$	(267,979	)	$	(84,423	)
Effect of tax rate changes		9,871			—			(7,003	)		(74,168	)
Reorganization items		266			(225,563	)		7,871			—
Post-petition interest expense		—			(6,771	)		(16,778	)		—
Effect of foreign operations		79,600			163,236			136,262			3,129
Valuation allowance		(45,919	)		515,421			17,331			11,650
Uncertain tax positions, settlements and    adjustments relating to prior years		(7,220	)		(67,626	)		107,148			96,960
Other		1,951			2,191			1,962			2,052
Income tax benefit	$	1,654		$	(39,404	)	$	(21,186	)	$	(44,800	)

Components of Deferred Income Tax Assets and Liabilities

Deferred Income Taxes. Significant components of our deferred income tax assets and liabilities are as follows (in thousands):

	Successor			Predecessor
	December 31,			December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards, or NOLs	$	226,022		$	285,910
Foreign tax credits		29,243			34,089
Disallowed interest deduction		70,492			66,395
Worker’s compensation and other current    accruals		5,150			5,644
Deferred deductions		6,869			7,749
Deferred revenue		6,282			11,240
Operating lease liability		33,815			9,156
Property, plant and equipment		334,757			—
Other		4,971			12,967
Total deferred tax assets		717,601			433,150
Valuation allowance		(673,452	)		(203,950	)
Net deferred tax assets		44,149			229,200
Deferred tax liabilities:
Property, plant and equipment		—			(239,576	)
Mobilization		—			(7,422	)
Right-of-use assets		(33,117	)		(9,603	)
Other		(871	)		(937	)
Total deferred tax liabilities		(33,988	)		(257,538	)
Net deferred tax asset (liability)	$	10,161		$	(28,338	)

Summary of Rollforward of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Interest and Penalties

A rollforward of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):

	Successor			Predecessor
	For the Period			For the Period
	April 24, 2021			January 31, 2021			For the Year Ended
	through			through			December 31,
	December 31, 2021			April 23, 2021			2020			2019
Balance, beginning of period	$	(26,678	)	$	(214,626	)	$	(118,884	)	$	(55,943	)
Additions for current year tax positions		(3,553	)		—			(100,780	)		(85,970	)
Additions for prior year tax positions		(1,424	)		(1,282	)		(1,559	)		(2,113	)
Reductions for prior year tax positions		1,730			187,389			2,944			23,267
Reductions related to statute of limitation expirations		8,777			1,841			3,653			1,875
Balance, end of period	$	(21,148	)	$	(26,678	)	$	(214,626	)	$	(118,884	)