Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Schedule of Components of Income Tax Expense (Benefit)

Years ended December 31,

 

    

2020

    

2019

    

2018

 

amounts in millions

 

Current:

Federal

$

13

 

(1)

 

(14)

State and local

 

(62)

 

(24)

 

13

Foreign

 

(2)

 

(21)

 

(8)

 

(51)

 

(46)

 

(9)

Deferred:

Federal

 

12

 

(139)

 

(228)

State and local

 

(1)

 

(20)

 

(2)

Foreign

 

84

 

39

 

63

 

95

 

(120)

 

(167)

Income tax benefit (expense)

$

44

 

(166)

 

(176)

Summary of domestic and foreign earnings

Years ended December 31,

 

    

2020

    

2019

    

2018

 

amounts in millions

 

Domestic

$

(969)

 

583

 

1,140

Foreign

 

(466)

 

(70)

 

(99)

Total

$

(1,435)

 

513

 

1,041

Schedule of Effective Income Tax Rate Reconciliation

Years ended December 31,

 

    

2020

    

2019

    

2018

 

amounts in millions

 

Computed expected tax benefit (expense)

$

301

 

(108)

 

(219)

State and local income taxes, net of federal income taxes

 

(42)

 

(41)

 

18

Foreign income taxes, net of federal income taxes

20

26

22

Taxable dividends, net of dividends received deductions

(12)

(10)

(27)

Federal tax credits

24

26

30

Change in valuation allowance affecting tax expense

 

(69)

 

(40)

 

(62)

Change in tax rate

30

(48)

1

Settlements with tax authorities

43

Deductible stock-based compensation

14

71

38

Non-deductible executive compensation

(17)

(22)

(7)

Impairment of nondeductible goodwill

(194)

Other, net

 

(11)

 

(20)

 

(13)

Income tax benefit (expense)

$

44

 

(166)

 

(176)

Schedule of Deferred Tax Assets and Liabilities

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,

 

    

2020

    

2019

 

amounts in millions

 

Deferred tax assets:

Tax loss and credit carryforwards

$

1,436

 

1,510

Accrued stock compensation

 

107

 

106

Other accrued liabilities

 

217

 

240

Deferred revenue

 

55

 

74

Discount on debt

25

45

Investments

107

Other future deductible amounts

 

24

 

31

Deferred tax assets

 

1,971

 

2,006

Valuation allowance

 

(293)

 

(216)

Net deferred tax assets

 

1,678

 

1,790

Deferred tax liabilities:

Investments

 

 

90

Fixed assets

448

458

Intangible assets

 

2,830

 

2,912

Deferred tax liabilities

 

3,278

 

3,460

Net deferred tax liabilities

$

1,600

 

1,670

Summary of Income Tax Contingencies

December 31,

 

    

2020

    

2019

2018

 

amounts in millions

 

Balance at beginning of year

$

405

 

387

 

365

Reductions for tax positions of prior years

 

(7)

    

(13)

    

(27)

Increase in tax positions for current year

20

12

15

Increase in tax positions from prior years

 

14

 

1

 

65

Settlements with tax authorities

(31)

Increase in tax positions from acquisition

18

Balance at end of year

$

432

 

405

 

387