Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Operating Loss, Capital Loss and General Business Credit Carryforwards

Set forth below is a table that documents our domestic and foreign income tax attributes at December 31, 2021:

Type	Jurisdiction	Amount (in millions)		Expiration
Net operating loss	U.S. Federal	$	835	None
Capital loss	U.S. Federal and States		34	2023
Net operating loss	U.S. States		1,160	Various
Net operating loss	Brazil		17	None
Net operating loss	Canada		21	Through 2041
Capital loss	Canada		5	None

Primary Components of Net Deferred Tax Asset

The primary components of our net deferred tax assets are as follows (in millions):

	As of December 31,
	2021			2020
Deferred tax assets
Net operating losses, general business credits, and capital loss carryovers	$	262		$	172
Property and equipment		3			3
Deferred revenue and expenses		17			17
Foreign exchange net losses (AOCI)		12			12
Total gross deferred tax assets		294			204
Less: Valuation allowance		(18	)		(19	)
Total deferred tax assets, net of valuation allowance	$	276		$	185
Deferred tax liabilities
Investments in domestic affiliates		(10	)		(1	)
Total gross deferred tax liabilities		(10	)		(1	)
Net deferred tax assets	$	266		$	184

Income (Loss) from Continuing Operations Before Income Taxes

Our U.S. and foreign income (loss) from continuing operations before income taxes were as follows (in millions):

	Year ended December 31,
	2021			2020			2019
U.S. income (loss)	$	(89	)	$	(945	)	$	949
Foreign income (loss)		(13	)		(16	)		13
Total	$	(102	)	$	(961	)	$	962

Provision (Benefit) for Income Taxes from Continuing Operations

The income tax provision (benefit) for continuing operations consists of (in millions):

		Year ended December 31,
		2021			2020			2019
Current	—Federal	$	1		$	(57	)	$	14
	—State		1			1			6
	—Foreign		—			1			3
			2			(55	)		23
Deferred	—Federal		(66	)		(96	)		3
	—State		(24	)		(63	)		1
	—Foreign		(3	)		(6	)		3
			(93	)		(165	)		7
Income tax provision (benefit) – continuing operations		$	(91	)	$	(220	)	$	30

Income Tax Provision (Benefit) Calculated at Statutory U.S. Federal Corporate Income Tax Rate and Actual Income Tax Provision (Benefit) Recorded

The differences between the income tax provision (benefit) calculated at the statutory U.S. federal corporate income tax rate of 21% and the actual income tax provision (benefit) recorded for continuing operations are as follows (in millions):

	Year ended December 31,
	2021			2020			2019
Statutory federal income tax provision (benefit)	$	(21	)	$	(202	)	$	202
Adjustment for nontaxable (income) loss of Host Inc.		(40	)		34			(182	)
Adjustment for net operating loss carryback to 2017-2019		—			18			—
State income tax provision (benefit), net		(23	)		(62	)		7
Change to uncertain tax provision		(4	)		(3	)		(3	)
Foreign income tax provision (benefit)		(3	)		(5	)		6
Total	$	(91	)	$	(220	)	$	30

Unrecognized Tax Benefits Reconciliation

A reconciliation of the beginning and ending balances of our unrecognized tax benefits is as follows (in millions):

	2021			2020
Balance at January 1	$	5		$	8
Reduction of unrecognized tax benefits due to expiration of statute of limitations		(4	)		(3	)
Balance at December 31	$	1		$	5