Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023:

Type	Jurisdiction	Amount (in millions)		Tax Year Expiration
Net operating loss	U.S. Federal	$	649	None
Capital loss	U.S. Federal and States	32		2023
Net operating loss	U.S. States	974		Various
Net operating loss	Brazil	18		None
Net operating loss	Canada	9		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,
	2023		2022
Deferred tax assets
Net operating losses, general business credits, and capital loss carryovers	$	205	$	238
Property and equipment	3		3
Deferred revenue and expenses	20		15
Foreign exchange net losses (AOCI)	12		12
Total gross deferred tax assets	240		268
Less: Valuation allowance	(18)		(18)
Total deferred tax assets, net of valuation allowance	$	222	$	250
Deferred tax liabilities
Investments in domestic affiliates	(1)		(4)
Total gross deferred tax liabilities	(1)		(4)
Net deferred tax assets	$	221	$	246

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,
	2023		2022		2021
U.S. income (loss)	$	768	$	659	$	(89)
Foreign income (loss)	20		10		(13)
Total	$	788	$	669	$	(102)

Provision (Benefit) for Income Taxes from Continuing Operations

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

		Year ended December 31,
		2023		2022		2021
Current	—Federal	$	3	$	3	$	1
	—State	3		2		1
	—Foreign	4		1		—
		10		6		2
Deferred	—Federal	15		13		(66)
	—State	10		5		(24)
	—Foreign	1		2		(3)
		26		20		(93)
Income tax provision (benefit) – continuing operations		$	36	$	26	$	(91)

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,
	2023		2022		2021
Statutory federal income tax provision (benefit)	$	165	$	140	$	(21)
Adjustment for nontaxable income of Host Inc.	(147)		(124)		(40)
State income tax provision (benefit), net	13		7		(23)
Change to uncertain tax provision	—		—		(4)
Foreign income tax provision (benefit)	5		3		(3)
Total	$	36	$	26	$	(91)