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 Components of Income Tax (Expense) Benefit

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Years ended December 31,

 

​

    

2024

    

2023

    

2022

 

​

​

amounts in millions

 

Current:

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​

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​

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​

Federal

​

$

(86)

 

(8)

 

(99)

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State and local

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(6)

​

12

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(29)

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Foreign

​

 

(78)

 

(84)

 

(84)

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​

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(170)

 

(80)

 

(212)

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Deferred:

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​

​

​

​

​

​

​

Federal

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​

172

 

(50)

 

(4)

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State and local

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42

 

(3)

 

(27)

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Foreign

​

 

(3)

 

(27)

 

19

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​

​

 

211

 

(80)

 

(12)

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Income tax benefit (expense)

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$

41

 

(160)

 

(224)

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Summary of Domestic and Foreign Earnings (Losses) from Continuing Operations before Income Taxes

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Years ended December 31,

 

​

    

2024

    

2023

    

2022

 

​

​

amounts in millions

 

Domestic

​

$

(1,525)

 

(236)

 

(2,530)

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Foreign

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234

 

302

 

222

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Total

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$

(1,291)

 

66

 

(2,308)

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Schedule of Effective Income Tax Rate Reconciliation

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Years ended December 31,

 

​

    

2024

    

2023

    

2022

 

​

​

amounts in millions

 

Computed expected tax benefit (expense)

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$

271

 

(14)

 

485

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State and local income taxes, net of federal income taxes

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24

 

(21)

 

(35)

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Tax on foreign earnings, net of federal tax benefits

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210

 

(24)

 

(15)

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Change in valuation allowance affecting tax expense

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(236)

 

—

 

—

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Change in tax rate

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(2)

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16

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(8)

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Non-deductible equity distribution

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(1)

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—

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(41)

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Impairment of non-deductible goodwill

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(189)

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(68)

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(580)

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Non-deductible interest on Preferred Stock

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(21)

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(21)

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(21)

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Stock compensation

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(6)

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(17)

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(6)

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Executive compensation

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​

(6)

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(4)

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(3)

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Other, net

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(3)

 

(7)

 

—

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Income tax benefit (expense)

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$

41

 

(160)

 

(224)

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Schedule of Deferred Tax Assets and Liabilities

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December 31,

 

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2024

    

2023

 

​

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amounts in millions

 

Deferred tax assets:

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​

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Tax losses and credit carryforwards

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$

594

 

297

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Foreign tax credit carryforwards

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101

 

99

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Accrued stock compensation

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4

 

7

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Operating lease liability

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123

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129

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Other accrued liabilities

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35

​

36

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Prepaid royalty

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​

43

​

68

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Other

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163

 

133

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Deferred tax assets

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1,063

 

769

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Valuation allowance

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(500)

 

(264)

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Net deferred tax assets

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563

 

505

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​

​

​

​

​

​

​

Deferred tax liabilities:

​

​

​

​

​

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Intangible assets

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540

 

686

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Fixed assets

​

​

22

​

106

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Discount on exchangeable debentures

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1,136

 

1,053

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Other

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152

 

159

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Deferred tax liabilities

​

 

1,850

 

2,004

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Net deferred tax liabilities

​

$

1,287

 

1,499

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Schedule of Reconciliation of Unrecognized Tax Benefits

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Years ended December 31,

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​

    

2024

    

2023

 

2022

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amounts in millions

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Balance at beginning of year

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$

67

 

97

​

88

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Additions based on tax positions related to the current year

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3

 

5

​

8

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Additions for tax positions of prior years

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—

 

1

​

12

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Reductions for tax positions of prior years

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(3)

 

(3)

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(2)

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Lapse of statute and settlements

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(6)

 

(33)

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(9)

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Balance at end of year

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$

61

 

67

​

97

​