Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of income tax benefit (expense)

Years ended December 31,

 

2021

2020

2019

 

amounts in millions

 

Current:

Federal

$

(233)

 

 

State and local

 

 

 

 

(233)

 

 

Deferred:

Federal

 

4

 

(116)

 

(31)

State and local

 

11

 

153

 

(7)

 

15

 

37

 

(38)

Income tax benefit (expense)

$

(218)

 

37

 

(38)

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

Years ended December 31,

2021

2020

2019

 

amounts in millions

 

Computed expected tax benefit (expense)

    

$

(200)

    

(76)

    

(33)

State and local taxes, net of federal income taxes

 

(8)

 

(12)

 

(5)

Change in valuation allowance

 

4

 

(3)

 

Change in tax rate - other

 

14

 

133

 

Executive compensation

(14)

(1)

Litigation settlement

(22)

Other

 

8

 

(4)

 

Income tax (expense) benefit

$

(218)

 

37

 

(38)

Schedule of deferred tax assets and liabilities

December 31,

 

2021

2020

 

amounts in millions

 

Deferred tax assets:

Tax loss and tax credit carryforwards

$

96

 

215

Accrued stock-based compensation

 

14

 

15

Deferred revenue

 

13

 

14

Debt

6

21

Operating lease liability

42

26

Other future deductible amounts

42

44

Other accrued liabilities

 

15

 

13

Total deferred tax assets

 

228

 

348

Less: valuation allowance

 

(7)

 

(12)

Net deferred tax assets

 

221

 

336

Deferred tax liabilities:

Investments

 

(1,677)

 

(1,756)

Fixed assets

(206)

(220)

Intangible assets

(293)

(310)

Other

 

(43)

 

(28)

Total deferred tax liabilities

 

(2,219)

 

(2,314)

Net deferred tax asset (liability)

$

(1,998)

 

(1,978)