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

​