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

Income Taxes (Tables)

v3.25.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of income tax expense (benefit)

Years ended December 31,

 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

amounts in millions

 

Current:

Federal

$

 

(37)

 

(31)

State and local

 

 

(6)

 

(1)

Foreign

 

119

 

58

 

41

 

119

 

15

 

9

Deferred:

Federal

 

(8)

 

1

 

36

State and local

 

7

 

(1)

 

1

Foreign

 

19

 

29

 

(22)

 

18

 

29

 

15

Total:

Federal

(8)

(36)

5

State and local

7

(7)

Foreign

138

87

19

Income tax expense (benefit)

$

137

 

44

 

24

Summary of domestic and foreign earnings (loss)

Years ended December 31,

 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

amounts in millions

 

Domestic

$

288

 

(444)

 

(177)

Foreign

 

445

 

444

 

274

Total

$

733

 

 

97

Schedule of expected income tax expense (benefit)

Years ended December 31,

  ​ ​ ​

2025

2024

  ​ ​ ​

2023

dollar amounts in millions

U.S. Federal statutory tax rate

$

154

 

21

%

21

%

 

20

21

%

Domestic federal reconciling items

Tax credits

(1)

%

n/m

%

Nontaxable or nondeductible items

(Nontaxable gain) / nondeductible loss

(69)

(9)

%

49

n/m

17

18

%

Nondeductible executive compensation

6

1

%

10

n/m

4

4

%

Capitalized transaction costs

4

1

%

7

n/m

3

3

%

Other

(12)

(2)

%

(2)

n/m

(3)

(3)

%

Cross-border tax laws

Global intangible low-taxed income

(6)

(1)

%

1

n/m

10

10

%

Subpart F

%

(9)

n/m

11

11

%

Other

Change in valuation allowance

17

2

%

2

n/m

4

4

%

Domestic state and local income taxes, net of federal effect

6

1

%

(6)

n/m

%

Foreign reconciling items

United Kingdom

Rate differential

23

3

%

12

n/m

2

2

%

Stock compensation

(4)

(1)

%

(11)

n/m

(2)

(2)

%

Nondeductible interest

%

7

n/m

(19)

(20)

%

Tax credits

(9)

(1)

%

(9)

n/m

(8)

(8)

%

Other

9

1

%

4

n/m

1

1

%

Cayman Islands - rate differential

%

(22)

n/m

(25)

(26)

%

Italy - withholding taxes

6

1

%

6

n/m

6

6

%

Luxembourg

Nondeductible interest

10

1

%

n/m

%

Other

(4)

(1)

%

3

n/m

(2)

(2)

%

Other jurisdictions

7

1

%

2

n/m

5

5

%

Income tax expense (benefit)

$

137

 

18

%

44

n/m

 

24

24

%

n/m – Percentages are not meaningful when earnings (loss) from continuing operations before income taxes is zero.

Schedule of deferred tax assets and liabilities

December 31,

 

  ​ ​ ​

2025

  ​ ​ ​

2024

 

amounts in millions

 

Deferred tax assets:

Tax loss and credit carryforwards

$

604

 

609

Other accrued liabilities

 

13

 

14

Accrued stock compensation

 

5

5

Intangible assets

8

Other future deductible amounts

3

Deferred tax assets

 

625

 

636

Valuation allowance

 

(28)

 

(10)

Net deferred tax assets

 

597

 

626

Deferred tax liabilities:

Intangible assets

625

Fixed assets

89

80

Investments

19

Other future taxable amounts

2

Deferred tax liabilities

 

714

 

101

Net deferred tax assets (liabilities)

$

(117)

 

525