Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Schedule of Components of Income Tax Expense (Benefit)

Years ended December 31,

 

    

2022

    

2021

    

2020

 

amounts in millions

 

Current:

Federal

$

(77)

 

(26)

 

13

State and local

 

(50)

 

(51)

 

(62)

Foreign

 

(24)

 

(9)

 

(2)

 

(151)

 

(86)

 

(51)

Deferred:

Federal

 

(299)

 

(130)

 

12

State and local

 

(44)

 

84

 

(1)

Foreign

 

330

 

87

 

84

 

(13)

 

41

 

95

Income tax benefit (expense)

$

(164)

 

(45)

 

44

Summary of domestic and foreign earnings

Years ended December 31,

 

    

2022

    

2021

    

2020

 

amounts in millions

 

Domestic

$

1,852

 

666

 

(969)

Foreign

 

341

 

123

 

(466)

Total

$

2,193

 

789

 

(1,435)

Schedule of Effective Income Tax Rate Reconciliation

Years ended December 31,

 

    

2022

    

2021

    

2020

 

amounts in millions

 

Computed expected tax benefit (expense)

$

(461)

 

(166)

 

301

State and local income taxes, net of federal income taxes

 

(76)

 

(58)

 

(42)

Foreign income taxes, net of foreign tax credit

27

34

20

Income tax reserves

12

140

(19)

Taxable dividends, net of dividends received deductions

(7)

(11)

(12)

Federal tax credits

25

55

24

Change in valuation allowance affecting tax expense

 

303

 

(135)

 

(69)

Change in tax rate

6

146

30

Deductible stock-based compensation

26

36

14

Non-deductible executive compensation

(21)

(17)

(17)

Non-taxable gain / non-deductible (loss)

11

(76)

Impairment of nondeductible goodwill

(194)

Other, net

 

(9)

 

7

 

8

Income tax benefit (expense)

$

(164)

 

(45)

 

44

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,

 

    

2022

    

2021

 

amounts in millions

 

Deferred tax assets:

Tax loss and credit carryforwards

$

1,170

 

1,475

Other accrued liabilities

 

256

 

232

Investments

 

139

 

83

Accrued stock compensation

 

81

 

84

Deferred revenue

34

41

Discount on debt

207

Other future deductible amounts

 

16

 

19

Deferred tax assets

 

1,696

 

2,141

Valuation allowance

 

(116)

 

(424)

Net deferred tax assets

 

1,580

 

1,717

Deferred tax liabilities:

Intangible assets

2,696

2,767

Fixed assets

 

371

 

478

Discount on debt

29

Deferred tax liabilities

 

3,096

 

3,245

Net deferred tax liabilities

$

1,516

 

1,528

Summary of Income Tax Contingencies

December 31,

 

    

2022

    

2021

2020

 

amounts in millions

 

Balance at beginning of year

$

179

 

432

 

405

Decrease for tax positions of prior years

 

(17)

    

(2)

    

(7)

Increase (decrease) in tax positions for current year

31

(10)

20

Increase in tax positions from prior years

 

5

 

9

 

14

Settlements with tax authorities

(250)

Balance at end of year

$

198

 

179

 

432