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 benefit (expense)

Years ended December 31,

 

2025

2024

2023

 

amounts in millions

 

Current:

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Federal

$

(72)

 

7

 

20

State and local

 

 

 

 

(72)

 

7

 

20

Deferred:

Federal

 

(837)

177

 

153

State and local

 

(14)

 

3

 

2

 

(851)

 

180

 

155

Total:

Federal

(909)

184

173

State and local

(14)

3

2

Income tax (benefit) expense

$

(923)

 

187

 

175

Schedule of income tax benefit (expense) reconciliation to the effective tax rate

Years ended December 31,

2025

2024

2023

 

(millions)

(percent)

(millions)

(percent)

(millions)

(percent)

 

U.S. Federal statutory tax rate

  ​ ​ ​

$

(683)

(21)

%

  ​ ​ ​

206

21

%

173

21

%

Domestic federal reconciling items

Tax credits

(1)

0

%

(2)

0

%

0

%

Nontaxable and nondeductible items, net

Nontaxable merger proceeds

(237)

(7)

%

(21)

(2)

%

0

%

Other

8

0

%

1

0

%

1

0

%

Domestic state and local income taxes, net of federal effect

(10)

0

%

3

0

%

1

0

%

Total income tax (benefit) expense

$

(923)

(28)

%

187

19

%

175

21

%

Schedule of deferred tax assets and liabilities

December 31,

 

2025

2024

 

amounts in millions

 

Deferred tax assets:

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Tax loss and tax credit carryforwards

$

19

 

60

Accrued stock-based compensation

 

4

 

2

Intangible assets

3

6

Total deferred tax assets

 

26

 

68

Less: valuation allowance

 

 

Net deferred tax assets

 

26

 

68

Deferred tax liabilities:

Investments

 

(1,179)

 

(2,090)

Debt

(2)

(6)

Total deferred tax liabilities

 

(1,181)

 

(2,096)

Net deferred tax asset (liability)

$

(1,155)

 

(2,028)