Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Income tax benefit (expense) consists of:
 
Years ended December 31,
 
2011
 
2010
 
2009
 
amounts in millions
Current:
 
 
 
 
 
Federal
$
(253
)
 
(211
)
 
204

State and local
(7
)
 
(8
)
 
13

Foreign
(1
)
 
(5
)
 
(2
)
 
(261
)
 
(224
)
 
215

Deferred:
 
 
 
 
 
Federal
(19
)
 
721

 
(65
)
State and local
(39
)
 
61

 
20

Foreign
—

 
—

 
—

 
(58
)
 
782

 
(45
)
Income tax benefit (expense)
$
(319
)
 
558

 
170

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 35% as a result of the following:

 
Years ended December 31,
 
2011
 
2010
 
2009
 
amounts in millions
Computed expected tax benefit (expense)
$
(394
)
 
(160
)
 
(59
)
Disposition of consolidated subsidiaries
—

 
462

 
—

Settlements with taxing authorities
—

 
211

 
—

State and local income taxes, net of federal income taxes
(28
)
 
34

 
16

Change in valuation allowance affecting tax expense
(20
)
 
7

 
9

Recognition of tax benefits not previously recognized, net
109

 
—

 
201

Other, net
14

 
4

 
3

Income tax benefit (expense)
$
(319
)
 
558

 
170

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:

 
December 31,
 
2011
 
2010
 
amounts in millions
Deferred tax assets:
 
 
 
Net operating and capital loss carryforwards
$
76

 
590

Accrued stock compensation
41

 
39

Other accrued liabilities
60

 
59

Discount on exchangeable debentures
—

 
48

Deferred revenue
18

 
409

Other future deductible amounts
31

 
26

Deferred tax assets
226

 
1,171

Valuation allowance
(30
)
 
(9
)
Net deferred tax assets
196

 
1,162

Deferred tax liabilities:
 
 
 
Investments
419

 
1,366

Intangible assets
100

 
106

Other
27

 
31

Deferred tax liabilities
546

 
1,503

Net deferred tax liabilities
$
350

 
341

The Company's deferred tax assets and liabilities are reported in the accompanying consolidated balance sheets as follows:

 
December 31,
 
2011
 
2010
 
amounts in millions
Current deferred tax liabilities (assets)
$
(61
)
 
712

Long-term deferred tax liabilities (assets)
411

 
(371
)
Net deferred tax liabilities
$
350

 
341

 The Co
Summary of Income Tax Contingencies [Table Text Block]
A reconciliation of unrecognized tax benefits is as follows:

 
December 31,
 
2011
 
2010
 
amounts in millions
Balance at beginning of year
$
158

 
45

 
Additions based on tax positions related to the current year
—

 
118

 
Additions for tax positions of prior years
—

 
—

 
Reductions for tax positions of prior years
(6
)
 
(5
)
 
Lapse of statute and settlements
(118
)
 
—

Balance at end of year
$
34

 
158