Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Income tax benefit (expense) consists of:
 
Years ended December 31,
 
2012
 
2011
 
2010
 
amounts in millions
Current:
 
 
 
 
 
Federal
$
(146
)
 
(253
)
 
(211
)
State and local
(2
)
 
(7
)
 
(8
)
Foreign
(2
)
 
(1
)
 
(5
)
 
(150
)
 
(261
)
 
(224
)
Deferred:
 
 
 
 
 
Federal
(372
)
 
(33
)
 
734

State and local
(78
)
 
(39
)
 
61

Foreign
—

 
—

 
—

 
(450
)
 
(72
)
 
795

Income tax benefit (expense)
$
(600
)
 
(333
)
 
571

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 35% as a result of the following:

 
Years ended December 31,
 
2012
 
2011
 
2010
 
amounts in millions
Computed expected tax benefit (expense)
$
(704
)
 
(408
)
 
(149
)
Disposition of consolidated subsidiaries
—

 
—

 
462

Settlements with taxing authorities
—

 
—

 
211

Taxable liquidation of a consolidated subsidiary
101

 
—

 
—

Dividends received deductions
40

 
9

 
7

State and local income taxes, net of federal income taxes
(57
)
 
(28
)
 
36

Change in valuation allowance affecting tax expense
24

 
(20
)
 
7

Recognition of tax benefits not previously recognized, net
9

 
109

 
—

Other, net
(13
)
 
5

 
(3
)
Income tax benefit (expense)
$
(600
)
 
(333
)
 
571

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:

 
December 31,
 
2012
 
2011
 
amounts in millions
Deferred tax assets:
 
 
 
Net operating and capital loss carryforwards
$
46

 
76

Accrued stock compensation
7

 
41

Other accrued liabilities
42

 
60

Deferred revenue
16

 
18

Other future deductible amounts
9

 
31

Deferred tax assets
120

 
226

Valuation allowance
(6
)
 
(30
)
Net deferred tax assets
114

 
196

Deferred tax liabilities:
 
 
 
Investments
794

 
417

Intangible assets
90

 
100

Other
19

 
27

Deferred tax liabilities
903

 
544

Net deferred tax liabilities
$
789

 
348

The Company's deferred tax assets and liabilities are reported in the accompanying consolidated balance sheets as follows:

 
December 31,
 
2012
 
2011
 
amounts in millions
Current deferred tax liabilities (assets)
$
(13
)
 
(61
)
Long-term deferred tax liabilities (assets)
802

 
409

Net deferred tax liabilities
$
789

 
348

 The Co
Summary of Income Tax Contingencies [Table Text Block]
A reconciliation of unrecognized tax benefits is as follows:
 
December 31,
 
2012
 
2011
 
amounts in millions
Balance at beginning of year
$
34

 
158

 
Reductions for tax positions of prior years
(5
)
 
(6
)
 
Lapse of statute and settlements
—

 
(118
)
Balance at end of year
$
29

 
34