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

Years ended December 31,

 

    

2024

    

2023

    

2022

 

amounts in millions

 

Current:

Federal

$

(86)

 

(8)

 

(99)

State and local

 

(6)

12

(29)

Foreign

 

(78)

 

(84)

 

(84)

(170)

 

(80)

 

(212)

Deferred:

Federal

172

 

(50)

 

(4)

State and local

 

42

 

(3)

 

(27)

Foreign

 

(3)

 

(27)

 

19

 

211

 

(80)

 

(12)

Income tax benefit (expense)

$

41

 

(160)

 

(224)

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

Years ended December 31,

 

    

2024

    

2023

    

2022

 

amounts in millions

 

Domestic

$

(1,525)

 

(236)

 

(2,530)

Foreign

 

234

 

302

 

222

Total

$

(1,291)

 

66

 

(2,308)

Schedule of Effective Income Tax Rate Reconciliation

Years ended December 31,

 

    

2024

    

2023

    

2022

 

amounts in millions

 

Computed expected tax benefit (expense)

$

271

 

(14)

 

485

State and local income taxes, net of federal income taxes

 

24

 

(21)

 

(35)

Tax on foreign earnings, net of federal tax benefits

 

210

 

(24)

 

(15)

Change in valuation allowance affecting tax expense

 

(236)

 

 

Change in tax rate

(2)

16

(8)

Non-deductible equity distribution

(1)

(41)

Impairment of non-deductible goodwill

(189)

(68)

(580)

Non-deductible interest on Preferred Stock

(21)

(21)

(21)

Stock compensation

(6)

(17)

(6)

Executive compensation

(6)

(4)

(3)

Other, net

 

(3)

 

(7)

 

Income tax benefit (expense)

$

41

 

(160)

 

(224)

Schedule of Deferred Tax Assets and Liabilities

December 31,

 

    

2024

    

2023

 

amounts in millions

 

Deferred tax assets:

Tax losses and credit carryforwards

$

594

 

297

Foreign tax credit carryforwards

 

101

 

99

Accrued stock compensation

 

4

 

7

Operating lease liability

123

129

Other accrued liabilities

 

35

36

Prepaid royalty

43

68

Other

 

163

 

133

Deferred tax assets

 

1,063

 

769

Valuation allowance

 

(500)

 

(264)

Net deferred tax assets

 

563

 

505

Deferred tax liabilities:

Intangible assets

 

540

 

686

Fixed assets

22

106

Discount on exchangeable debentures

 

1,136

 

1,053

Other

 

152

 

159

Deferred tax liabilities

 

1,850

 

2,004

Net deferred tax liabilities

$

1,287

 

1,499

Schedule of Reconciliation of Unrecognized Tax Benefits

Years ended December 31,

    

2024

    

2023

 

2022

amounts in millions

Balance at beginning of year

$

67

 

97

88

Additions based on tax positions related to the current year

 

3

 

5

8

Additions for tax positions of prior years

 

 

1

12

Reductions for tax positions of prior years

 

(3)

 

(3)

(2)

Lapse of statute and settlements

 

(6)

 

(33)

(9)

Balance at end of year

$

61

 

67

97