Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Taxes  
Schedule of Components of Income Tax Expense (Benefit)

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Years ended December 31,

 

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2023

    

2022

    

2021

 

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amounts in millions

 

Current:

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Federal

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$

(111)

 

(77)

 

(26)

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State and local

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(57)

 

(50)

 

(51)

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Foreign

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(41)

 

(24)

 

(9)

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(209)

 

(151)

 

(86)

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Deferred:

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Federal

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(44)

 

(299)

 

(130)

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State and local

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8

 

(44)

 

84

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Foreign

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22

 

330

 

87

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(14)

 

(13)

 

41

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Income tax benefit (expense)

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$

(223)

 

(164)

 

(45)

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Summary of domestic and foreign earnings

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Years ended December 31,

 

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2023

    

2022

    

2021

 

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amounts in millions

 

Domestic

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$

804

 

1,852

 

666

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Foreign

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381

 

341

 

123

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Total

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$

1,185

 

2,193

 

789

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Schedule of Effective Income Tax Rate Reconciliation

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Years ended December 31,

 

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2023

    

2022

    

2021

 

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amounts in millions

 

Computed expected tax benefit (expense)

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$

(249)

 

(461)

 

(166)

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State and local income taxes, net of federal income taxes

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(64)

 

(76)

 

(58)

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Foreign income taxes, net of foreign tax credit

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11

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27

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34

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Income tax reserves

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28

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12

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140

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Taxable dividends, net of dividends received deductions

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(1)

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(7)

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(11)

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Federal tax credits

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95

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25

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55

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Change in valuation allowance affecting tax expense

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20

 

303

 

(135)

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Change in tax rate

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(1)

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6

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146

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Stock-based compensation

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(16)

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26

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36

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Non-deductible executive compensation

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(15)

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(21)

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(17)

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Non-taxable gain / non-deductible (loss)

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(35)

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11

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(76)

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Other, net

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4

 

(9)

 

7

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Income tax benefit (expense)

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$

(223)

 

(164)

 

(45)

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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:

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December 31,

 

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2023

    

2022

 

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amounts in millions

 

Deferred tax assets:

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Tax loss and credit carryforwards

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$

1,062

 

1,170

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Other accrued liabilities

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230

 

256

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Investments

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95

 

139

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Accrued stock compensation

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67

 

81

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Deferred revenue

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42

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34

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Discount on debt

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6

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—

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Other future deductible amounts

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5

 

16

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Deferred tax assets

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1,507

 

1,696

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Valuation allowance

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(96)

 

(116)

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Net deferred tax assets

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1,411

 

1,580

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Deferred tax liabilities:

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Intangible assets

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2,572

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2,696

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Fixed assets

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312

 

371

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Discount on debt

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—

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29

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Deferred tax liabilities

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2,884

 

3,096

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Net deferred tax liabilities

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$

1,473

 

1,516

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Summary of Income Tax Contingencies

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December 31,

 

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2023

    

2022

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2021

 

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amounts in millions

 

Balance at beginning of year

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$

198

 

179

 

432

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Decrease for tax positions of prior years

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(60)

    

(17)

    

(2)

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Increase (decrease) in tax positions for current year

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29

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31

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(10)

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Increase in tax positions from prior years

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4

 

5

 

9

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Settlements with tax authorities

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—

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—

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(250)

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Balance at end of year

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$

171

 

198

 

179

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