Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

    

2014

    

2013

    

2012

 

 

 

amounts in millions

 

Current:

 

 

 

 

 

 

 

 

Federal

 

$

18 

 

(45)

 

(7)

 

State and local

 

 

 

 

 

Foreign

 

 

 —

 

 

(1)

 

 

 

 

25 

 

(37)

 

(4)

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

(103)

 

165 

 

(407)

 

State and local

 

 

12 

 

 

(58)

 

Foreign

 

 

 

 

 

 

 

 

(91)

 

172 

 

(465)

 

Income tax benefit (expense)

 

$

(66)

 

135 

 

(469)

 

 

Schedule of Effective Income Tax Rate Reconciliation

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

    

2014

    

2013

    

2012

 

 

 

amounts in millions

 

Computed expected tax benefit (expense)

 

$

(161)

 

(3,100)

 

(570)

 

Non-taxable gain on book consolidation of SIRIUS XM

 

 

 —

 

3,054 

 

 

Liquidation of consolidated subsidiaries

 

 

107 

 

 

101 

 

Non-taxable exchange of subsidiary

 

 

 —

 

174 

 

 

Dividends received deductions

 

 

99 

 

46 

 

40 

 

Sale of subsidiary shares to subsidiary treated as a dividend for tax

 

 

(123)

 

(56)

 

 

State and local income taxes, net of federal income taxes

 

 

(4)

 

11 

 

(46)

 

Change in valuation allowance affecting tax expense

 

 

(2)

 

 

 

Recognition of tax benefits not previously recognized, net

 

 

11 

 

 

 

Other, net

 

 

 

(3)

 

 

Income tax benefit (expense)

 

$

(66)

 

135 

 

(469)

 

 

Schedule of Deferred Tax Assets and Liabilities

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,

 

 

    

2014

    

2013

 

 

 

amounts in millions

 

Deferred tax assets:

 

 

 

 

 

 

Net operating and capital loss carryforwards

 

$

2,119 

 

2,487 

 

Accrued stock compensation

 

 

127 

 

99 

 

Other accrued liabilities

 

 

88 

 

44 

 

Discount on convertible debt

 

 

 —

 

34 

 

Deferred revenue

 

 

678 

 

598 

 

Other future deductible amounts

 

 

10 

 

24 

 

Deferred tax assets

 

 

3,022 

 

3,286 

 

Valuation allowance

 

 

(5)

 

(9)

 

Net deferred tax assets

 

 

3,017 

 

3,277 

 

Deferred tax liabilities:

 

 

 

 

 

 

Investments

 

 

229 

 

457 

 

Intangible assets

 

 

3,991 

 

3,955 

 

Other

 

 

304 

 

261 

 

Deferred tax liabilities

 

 

4,524 

 

4,673 

 

Net deferred tax liabilities

 

$

1,507 

 

1,396 

 

 

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

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

    

2014

    

2013

 

 

 

amounts in millions

 

Current deferred tax liabilities (assets)

 

$

(931)

 

(916)

 

Long-term deferred tax liabilities (assets)

 

 

2,438 

 

2,312 

 

Net deferred tax liabilities

 

$

1,507 

 

1,396 

 

 

Summary of Income Tax Contingencies

 

 

 

 

 

 

 

 

 

December 31,

 

 

    

2014

    

2013

 

 

 

amounts in millions

 

Balance at beginning of year

 

$

30 

 

29 

 

Reductions for tax positions of prior years

 

 

(11)

    

 

Lapse in the statute of limitations

 

 

(17)

 

 —

 

Increase in tax positions from acquisition

 

 

 —

 

 

Balance at end of year

 

$

 

30