Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of income tax benefit (expense)

Years ended December 31,

 

2022

2021

2020

 

amounts in millions

 

Current:

Federal

$

(222)

 

(233)

 

State and local

 

(1)

 

 

 

(223)

 

(233)

 

Deferred:

Federal

 

(51)

 

4

 

(116)

State and local

 

(3)

 

11

 

153

 

(54)

 

15

 

37

Income tax benefit (expense)

$

(277)

 

(218)

 

37

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

Years ended December 31,

2022

2021

2020

 

amounts in millions

 

Computed expected tax benefit (expense)

$

(322)

(200)

(76)

State and local taxes, net of federal income taxes

 

(4)

 

(8)

 

(12)

Nontaxable equity contribution

 

41

 

2

 

(1)

Change in valuation allowance

 

1

 

4

 

(3)

Sale of consolidated subsidiary

 

15

 

 

Change in tax rate - other

 

 

14

 

133

Executive compensation

(7)

(14)

(1)

Litigation settlement

(22)

Other

 

(1)

 

6

 

(3)

Income tax (expense) benefit

$

(277)

 

(218)

 

37

Schedule of deferred tax assets and liabilities

December 31,

 

2022

2021

 

amounts in millions

 

Deferred tax assets:

    

    

    

    

Tax loss and tax credit carryforwards

$

32

 

96

Accrued stock-based compensation

 

16

 

14

Deferred revenue

 

20

 

13

Debt

6

Operating lease liabilities

31

42

Other accrued liabilities

28

15

Other future deductible amounts

 

41

 

42

Total deferred tax assets

 

168

 

228

Less: valuation allowance

 

(1)

 

(7)

Net deferred tax assets

 

167

 

221

Deferred tax liabilities:

Investments

 

(1,688)

 

(1,677)

Fixed assets

(201)

(206)

Intangible assets

(276)

(293)

Debt

(10)

Operating lease ROU assets

 

(32)

 

(43)

Total deferred tax liabilities

 

(2,207)

 

(2,219)

Net deferred tax asset (liability)

$

(2,040)

 

(1,998)