Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of Components of Income Tax Expense (Benefit)

	Years ended December 31,
	2023		2022	2021
	amounts in millions
Current:
Federal	$	(111)	(77)	(26)
State and local		(57)	(50)	(51)
Foreign		(41)	(24)	(9)
		(209)	(151)	(86)
Deferred:
Federal		(44)	(299)	(130)
State and local		8	(44)	84
Foreign		22	330	87
		(14)	(13)	41
Income tax benefit (expense)	$	(223)	(164)	(45)

Summary of domestic and foreign earnings

	Years ended December 31,
	2023		2022	2021
	amounts in millions
Domestic	$	804	1,852	666
Foreign		381	341	123
Total	$	1,185	2,193	789

Schedule of Effective Income Tax Rate Reconciliation

	Years ended December 31,
	2023		2022	2021
	amounts in millions
Computed expected tax benefit (expense)	$	(249)	(461)	(166)
State and local income taxes, net of federal income taxes		(64)	(76)	(58)
Foreign income taxes, net of foreign tax credit		11	27	34
Income tax reserves		28	12	140
Taxable dividends, net of dividends received deductions		(1)	(7)	(11)
Federal tax credits		95	25	55
Change in valuation allowance affecting tax expense		20	303	(135)
Change in tax rate		(1)	6	146
Stock-based compensation		(16)	26	36
Non-deductible executive compensation		(15)	(21)	(17)
Non-taxable gain / non-deductible (loss)		(35)	11	(76)
Other, net		4	(9)	7
Income tax benefit (expense)	$	(223)	(164)	(45)

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,
	2023		2022
	amounts in millions
Deferred tax assets:
Tax loss and credit carryforwards	$	1,062	1,170
Other accrued liabilities		230	256
Investments		95	139
Accrued stock compensation		67	81
Deferred revenue		42	34
Discount on debt		6	—
Other future deductible amounts		5	16
Deferred tax assets		1,507	1,696
Valuation allowance		(96)	(116)
Net deferred tax assets		1,411	1,580
Deferred tax liabilities:
Intangible assets		2,572	2,696
Fixed assets		312	371
Discount on debt		—	29
Deferred tax liabilities		2,884	3,096
Net deferred tax liabilities	$	1,473	1,516

Summary of Income Tax Contingencies

	December 31,
	2023		2022	2021
	amounts in millions
Balance at beginning of year	$	198	179	432
Decrease for tax positions of prior years		(60)	(17)	(2)
Increase (decrease) in tax positions for current year		29	31	(10)
Increase in tax positions from prior years		4	5	9
Settlements with tax authorities		—	—	(250)
Balance at end of year	$	171	198	179