Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Schedule of Components of Income Tax Expense (Benefit)

Years ended December 31,

 

    

2021

    

2020

    

2019

 

amounts in millions

 

Current:

Federal

$

(26)

 

13

 

(1)

State and local

 

(51)

 

(62)

 

(24)

Foreign

 

(9)

 

(2)

 

(21)

 

(86)

 

(51)

 

(46)

Deferred:

Federal

 

(130)

 

12

 

(139)

State and local

 

84

 

(1)

 

(20)

Foreign

 

87

 

84

 

39

 

41

 

95

 

(120)

Income tax benefit (expense)

$

(45)

 

44

 

(166)

Summary of domestic and foreign earnings

Years ended December 31,

 

    

2021

    

2020

    

2019

 

amounts in millions

 

Domestic

$

666

 

(969)

 

583

Foreign

 

123

 

(466)

 

(70)

Total

$

789

 

(1,435)

 

513

Schedule of Effective Income Tax Rate Reconciliation

Years ended December 31,

 

    

2021

    

2020

    

2019

 

amounts in millions

 

Computed expected tax benefit (expense)

$

(166)

 

301

 

(108)

State and local income taxes, net of federal income taxes

 

(58)

 

(42)

 

(41)

Foreign income taxes, net of foreign tax credit

34

20

26

Income tax reserves

140

(19)

Taxable dividends, net of dividends received deductions

(11)

(12)

(10)

Federal tax credits

55

24

26

Change in valuation allowance affecting tax expense

 

(135)

 

(69)

 

(40)

Change in tax rate

146

30

(48)

Deductible stock-based compensation

36

14

71

Non-deductible executive compensation

(17)

(17)

(22)

Non-taxable gain / non-deductible (loss)

(76)

Impairment of nondeductible goodwill

(194)

Other, net

 

7

 

8

 

(20)

Income tax benefit (expense)

$

(45)

 

44

 

(166)

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,

 

    

2021

    

2020

 

amounts in millions

 

Deferred tax assets:

Tax loss and credit carryforwards

$

1,475

 

1,436

Accrued stock compensation

 

84

 

107

Other accrued liabilities

 

232

 

217

Deferred revenue

 

41

 

55

Discount on debt

207

25

Investments

83

107

Other future deductible amounts

 

19

 

24

Deferred tax assets

 

2,141

 

1,971

Valuation allowance

 

(424)

 

(293)

Net deferred tax assets

 

1,717

 

1,678

Deferred tax liabilities:

Fixed assets

478

448

Intangible assets

 

2,767

 

2,830

Deferred tax liabilities

 

3,245

 

3,278

Net deferred tax liabilities

$

1,528

 

1,600

Summary of Income Tax Contingencies

December 31,

 

    

2021

    

2020

2019

 

amounts in millions

 

Balance at beginning of year

$

432

 

405

 

387

Decrease for tax positions of prior years

 

(2)

    

(7)

    

(13)

Increase (decrease) in tax positions for current year

(10)

20

12

Increase in tax positions from prior years

 

9

 

14

 

1

Settlements with tax authorities

(250)

Increase in tax positions from acquisition

18

Balance at end of year

$

179

 

432

 

405