Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022:

Type	Jurisdiction	Amount (in millions)		Expiration
Net operating loss	U.S. Federal	$	752	None
Capital loss	U.S. Federal and States		32	2023
General business credit	U.S. Federal		1	Through 2042
Net operating loss	U.S. States		1,077	Various
Net operating loss	Brazil		18	None
Net operating loss	Canada		12	Through 2042
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,
	2022			2021
Deferred tax assets
Net operating losses, general business credits, and capital loss carryovers	$	238		$	262
Property and equipment		3			3
Deferred revenue and expenses		15			17
Foreign exchange net losses (AOCI)		12			12
Total gross deferred tax assets		268			294
Less: Valuation allowance		(18	)		(18	)
Total deferred tax assets, net of valuation allowance	$	250		$	276
Deferred tax liabilities
Investments in domestic affiliates		(4	)		(10	)
Total gross deferred tax liabilities		(4	)		(10	)
Net deferred tax assets	$	246		$	266

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,
	2022		2021			2020
U.S. income (loss)	$	659	$	(89	)	$	(945	)
Foreign income (loss)		10		(13	)		(16	)
Total	$	669	$	(102	)	$	(961	)

Provision (Benefit) for Income Taxes from Continuing Operations

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

		Year ended December 31,
		2022		2021			2020
Current	—Federal	$	3	$	1		$	(57	)
	—State		2		1			1
	—Foreign		1		—			1
			6		2			(55	)
Deferred	—Federal		13		(66	)		(96	)
	—State		5		(24	)		(63	)
	—Foreign		2		(3	)		(6	)
			20		(93	)		(165	)
Income tax provision (benefit) – continuing operations		$	26	$	(91	)	$	(220	)

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,
	2022			2021			2020
Statutory federal income tax provision (benefit)	$	140		$	(21	)	$	(202	)
Adjustment for nontaxable (income) loss of Host Inc.		(124	)		(40	)		34
Adjustment for net operating loss carryback to 2017-2019		—			—			18
State income tax provision (benefit), net		7			(23	)		(62	)
Change to uncertain tax provision		—			(4	)		(3	)
Foreign income tax provision (benefit)		3			(3	)		(5	)
Total	$	26		$	(91	)	$	(220	)

Unrecognized Tax Benefits Reconciliation

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

	2022		2021
Balance at January 1	$	1	$	5
Reduction of unrecognized tax benefits due to expiration of statute of limitations		—		(4	)
Balance at December 31	$	1	$	1