Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of income tax benefit (expense)

Years ended December 31,

 

    

2024

    

2023

2022

 

amounts in millions

 

Current:

Federal

$

(129)

 

(94)

 

(38)

State and local

 

(30)

 

(25)

 

(3)

Foreign

 

62

 

(21)

 

(26)

$

(97)

 

(140)

 

(67)

Deferred:

Federal

$

39

 

40

 

20

State and local

 

4

 

22

 

(1)

Foreign

 

5

 

25

 

1

 

48

 

87

 

20

Income tax benefit (expense)

$

(49)

 

(53)

 

(47)

Schedule of income before income taxes

Years ended December 31,

 

    

2024

    

2023

    

2022

 

amounts in millions

 

Domestic

$

(620)

 

(973)

 

63

Foreign

 

8

 

6

 

30

Total

$

(612)

 

(967)

 

93

Schedule of income tax benefit (expense) reconciliation to the effective tax rate

Years ended December 31,

 

    

2024

    

2023

    

2022

 

amounts in millions

 

Computed expected tax benefits (expense)

$

128

 

203

 

(20)

State and local taxes, net of federal income taxes

 

 

(1)

 

(6)

Foreign taxes, net of foreign tax credits

 

3

 

14

 

3

Change in valuation allowance

 

(15)

 

(4)

 

(3)

Change in unrecognized tax benefits

 

 

(52)

 

(17)

Impairment of nondeductible goodwill

(109)

(172)

Tripadvisor IRS settlement

(42)

(31)

Preferred Stock Derivative

4

2

9

Stock-based compensation

(15)

(28)

(12)

Change in tax rate

(1)

16

Tax loss recognized on stock of consolidated subsidiary

8

Other

 

(10)

 

 

(1)

Income tax (expense) benefit

$

(49)

 

(53)

 

(47)

Schedule of deferred income tax assets and liabilities

December 31,

 

    

2024

    

2023

 

amounts in millions

 

Deferred tax assets:

Tax loss and credit carryforwards

$

193

 

182

Stock-based compensation

 

10

 

15

Lease financing obligation

11

13

Capitalized research expense

71

52

Other

 

22

 

23

Total deferred tax assets

 

307

 

285

Less: Valuation allowance

 

(141)

 

(127)

Deferred tax assets

 

166

 

158

Deferred tax liabilities:

Debt

20

24

Intangible assets

 

115

 

149

Other

 

5

 

7

Deferred tax liabilities

 

140

 

180

Net deferred tax assets (liabilities)

$

26

 

(22)

Schedule of reconciliation of unrecognized tax benefits

Years ended December 31,

    

2024

    

2023

2022

amounts in millions

Balance at beginning of year

$

136

 

157

 

144

Additions based on tax positions related to the current year

 

2

 

8

 

5

Additions for tax positions of prior years

 

34

 

17

 

29

Reductions for lapse of statute of limitations

(20)

Reductions for tax positions of prior years

 

(3)

 

(6)

 

(1)

Settlements with tax authorities

(70)

(40)

Balance at end of year

$

99

 

136

 

157