Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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 tax attributes at December 31, 2020:

Type	Jurisdiction	Amount (in millions)		Expiration
Net operating loss	U.S. Federal	$	487	None
Capital loss	U.S. Federal and State		37	2023
General business credit	U.S. Federal		1	Through 2040
Net operating loss	U.S. State		827	Various
Net operating loss	Brazil		14	None
Net operating loss	Canada		20	Through 2040
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,
	2020			2019
Deferred tax assets
Net operating losses, general business credits, and capital loss carryovers	$	172		$	16
Property and equipment		3			3
Deferred revenue and expenses		17			20
Foreign exchange net losses (AOCI)		12			12
Total gross deferred tax assets		204			51
Less: Valuation allowance		(19	)		(13	)
Total deferred tax assets, net of valuation allowance	$	185		$	38
Deferred tax liabilities
Investments in domestic affiliates		(1	)		(6	)
Total gross deferred tax liabilities		(1	)		(6	)
Net deferred tax assets	$	184		$	32

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,
	2020			2019		2018
U.S. income (loss)	$	(945	)	$	949	$	887
Foreign income (loss)		(16	)		13		414
Total	$	(961	)	$	962	$	1,301

Provision (Benefit) for Income Taxes from Continuing Operations

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

		Year ended December 31,
		2020			2019		2018
Current	—Federal	$	(57	)	$	14	$	79
	—State		1			6		30
	—Foreign		1			3		37
			(55	)		23		146
Deferred	—Federal		(96	)		3		2
	—State		(63	)		1		1
	—Foreign		(6	)		3		1
			(165	)		7		4
Income tax provision (benefit) – continuing operations		$	(220	)	$	30	$	150

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,
	2020			2019			2018
Statutory federal income tax provision (benefit)	$	(202	)	$	202		$	273
Adjustment for nontaxable (income) loss of Host Inc.		34			(182	)		(192	)
Adjustment for net operating loss carryback to 2017-2019		18			—			—
State income tax provision (benefit), net		(62	)		7			31
Change to uncertain tax provision		(3	)		(3	)		—
Foreign income tax provision (benefit)		(5	)		6			38
Income tax provision (benefit)	$	(220	)	$	30		$	150

Unrecognized Tax Benefits Reconciliation

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

	2020			2019
Balance at January 1	$	8		$	11
Reduction of unrecognized tax benefits due to expiration of statute of limitations		(3	)		(3	)
Balance at December 31	$	5		$	8