Taxation (Tables)

12 Months Ended

Dec. 31, 2022

Total pre-tax loss is comprised of the following by jurisdiction:

All income tax expense is attributable to foreign jurisdictions and is comprised of the following:

A reconciliation of the Bermuda statutory tax rate to our effective rate is shown below:


	For the Years Ended December 31,
	2022		2021		2020
Bermuda statutory income tax rate	—	%	—	%	—	%
Tax rates which are different from the statutory rate	(7.20)	%	(6.64)	%	(6.49)	%
Adjustment attributable to prior years	0.67	%	1.60	%	—	%
Change in valuation allowance	—	%	—	%	1.57	%
Adjustments to uncertain tax positions	(0.18)	%	(0.26)	%	(0.45)	%
Total	(6.71)	%	(5.30)	%	(5.37)	%

The components of the net deferred taxes are as follows:


	As of December 31,
(In $ millions)	2022	2021
Deferred tax assets
Net operating losses	17.7	13.0
Excess of tax basis over book basis of property, plant and equipment	45.0	53.6
Other	17.9	16.0
Deferred tax asset	80.6	82.6
Less: Valuation allowance	(77.1)	(81.9)
Net deferred tax assets (1)	3.5	0.7
Deferred tax liabilities
Deferred tax liabilities	(0.7)	—
Net deferred tax asset	2.8	0.7

(1) Net deferred tax assets are recognized in "Other non-current assets" in the Consolidated Balance Sheets (see Note 18 - Other Non-Current Assets).

The following is a reconciliation of the liabilities related to our uncertain tax positions:


(In $ millions)	2022	2021
Unrecognized tax benefits, excluding interest and penalties, at January 1,	6.2	6.2

Unrecognized tax benefits, excluding interest and penalties, at December 31,	6.2	6.2
Interest and penalties	5.1	4.6
Unrecognized tax benefits, including interest and penalties, at December 31,	11.3	10.8