Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

9) INCOME TAXES

The (provision) benefit for income taxes represents federal, state and local, and foreign income taxes on earnings before income taxes and equity in loss of investee companies.

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Provision for income taxes before discrete items	$	(128	)	$	(111	)	$	(240	)	$	(245	)
Tax benefit from transfer of assets (a)	—			—			768			—
Provision for gain on sale of assets (b)	—			—			(163		)	—
Other discrete items	9			(2		)	12			(3		)
(Provision) benefit for income taxes	$	(119	)	(113		)	$	377		$	(248	)
Effective income tax rate	20.8		%	21.2		%	(22.5		)%	20.8		%

(a) Reflects a deferred tax benefit resulting from the transfer of intangible assets between subsidiaries of the Company in connection with a reorganization of the Company’s international operations. The related deferred tax asset is primarily expected to be realized over the next 25 years.

(b) Reflects the tax provision from the gain on the sale of CBS Television City.

In January 2019, the United States government issued guidance relating to the one-time transition tax on cumulative foreign earnings and profits required by the Tax Reform Act. This guidance resulted in a decrease of $146 million to the Company’s reserve for uncertain tax positions during the six months ended June 30, 2019 for amounts paid as a result of this guidance; however, it did not have a material impact on the Company’s Consolidated Statement of Operations.