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

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of income tax benefit (expense)

Years ended December 31,

 

2024

2023

2022

 

amounts in millions

 

Current:

    

    

    

Federal

$

(38)

 

(30)

 

(222)

State and local

 

(5)

 

(2)

 

(1)

 

(43)

 

(32)

 

(223)

Deferred:

Federal

 

(163)

 

(160)

 

(51)

State and local

 

(7)

 

(8)

 

(3)

 

(170)

 

(168)

 

(54)

Income tax benefit (expense)

$

(213)

 

(200)

 

(277)

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

Years ended December 31,

2024

2023

2022

 

amounts in millions

 

Computed expected tax benefit (expense)

    

$

(227)

    

(186)

    

(322)

State and local taxes, net of federal income taxes

 

(10)

 

(8)

 

(4)

Nontaxable equity contribution

 

1

 

4

 

41

Change in valuation allowance

 

 

 

1

Sale of consolidated subsidiary

 

 

2

 

15

Executive compensation

(3)

(5)

(7)

Nontaxable merger proceeds

21

Federal tax credits

6

1

1

Other

 

(1)

 

(8)

 

(2)

Income tax (expense) benefit

$

(213)

 

(200)

 

(277)

Schedule of deferred tax assets and liabilities

December 31,

 

2024

2023

 

amounts in millions

 

Deferred tax assets:

    

    

    

    

Tax loss and tax credit carryforwards

$

61

 

36

Accrued stock-based compensation

 

9

 

15

Deferred revenue

 

18

 

27

Operating lease liabilities

30

28

Other accrued liabilities

8

7

Other future deductible amounts

 

35

 

35

Total deferred tax assets

 

161

 

148

Less: valuation allowance

 

(1)

 

(1)

Net deferred tax assets

 

160

 

147

Deferred tax liabilities:

Investments

 

(2,089)

 

(1,871)

Fixed assets

(182)

(196)

Intangible assets

(246)

(262)

Debt

(1)

(5)

Operating lease ROU assets

 

(30)

 

(29)

Total deferred tax liabilities

 

(2,548)

 

(2,363)

Net deferred tax asset (liability)

$

(2,388)

 

(2,216)