Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of Components of Income Tax Expense (Benefit)

Years ended December 31,

 

    

2024

    

2023

    

2022

 

amounts in millions

 

Current:

Federal

$

42

 

32

 

78

State and local

 

6

 

1

 

(2)

Foreign

 

(58)

 

(41)

 

(24)

 

(10)

 

(8)

 

52

Deferred:

Federal

 

(1)

 

(12)

 

(171)

State and local

 

1

 

(1)

 

(9)

Foreign

 

(29)

 

22

 

330

 

(29)

 

9

 

150

Income tax benefit (expense)

$

(39)

 

1

 

202

Summary of domestic and foreign earnings

Years ended December 31,

 

    

2024

    

2023

    

2022

 

amounts in millions

 

Domestic

$

(468)

 

(299)

 

479

Foreign

 

444

 

274

 

228

Total

$

(24)

 

(25)

 

707

Schedule of Effective Income Tax Rate Reconciliation

Years ended December 31,

 

    

2024

    

2023

    

2022

 

amounts in millions

 

Computed expected tax benefit (expense)

$

5

 

5

 

(148)

State and local income taxes, net of federal income taxes

 

6

 

1

 

(9)

Foreign income taxes, net of foreign tax credit

15

3

22

Change in valuation allowance affecting tax expense

 

(2)

 

(5)

 

338

Stock-based compensation

16

6

11

Non-deductible executive compensation

(11)

(3)

(6)

Non-taxable gain / (non-deductible loss)

(49)

(3)

3

Foreign currency adjustments

25

Non-deductible interest

(7)

(6)

(4)

Capitalized transaction costs

(7)

(3)

(2)

Intergroup interest

(14)

4

Other, net

 

(5)

 

(5)

 

(7)

Income tax benefit (expense)

$

(39)

 

1

 

202

Schedule of Deferred Tax Assets and Liabilities

December 31,

 

    

2024

    

2023

 

amounts in millions

 

Deferred tax assets:

Tax loss and credit carryforwards

$

628

 

687

Other accrued liabilities

 

14

 

15

Investments

103

123

Intangible assets

12

2

Accrued stock compensation

 

7

10

Discount on debt

86

22

Deferred tax assets

 

850

 

859

Valuation allowance

 

(10)

 

(8)

Net deferred tax assets

 

840

 

851

Deferred tax liabilities:

Fixed assets

80

79

Deferred tax liabilities

 

80

 

79

Net deferred tax assets (liabilities)

$

760

 

772