Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Income Taxes |
Ìý
|
| Schedule of Components of Income Tax Expense (Benefit) |
​
|
|
|
|
|
|
|
|
|
​ |
​ |
YearsÌýendedÌýDecemberÌý31, |
Ìý |
​ |
ÌýÌýÌýÌý |
2024 |
ÌýÌýÌýÌý |
2023 |
ÌýÌýÌýÌý |
2022 |
Ìý |
|
​ |
​ |
amountsÌýinÌýmillions |
Ìý |
Current: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Federal |
​ |
$ |
42 |
Ìý |
32 |
Ìý |
78 |
​ |
State and local |
​ |
Ìý |
6 |
Ìý |
1 |
Ìý |
(2) |
​ |
Foreign |
​ |
Ìý |
(58) |
Ìý |
(41) |
Ìý |
(24) |
​ |
​ |
​ |
Ìý |
(10) |
Ìý |
(8) |
Ìý |
52 |
​ |
Deferred: |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Federal |
​ |
Ìý |
(1) |
Ìý |
(12) |
Ìý |
(171) |
​ |
State and local |
​ |
Ìý |
1 |
Ìý |
(1) |
Ìý |
(9) |
​ |
Foreign |
​ |
Ìý |
(29) |
Ìý |
22 |
Ìý |
330 |
​ |
​ |
​ |
Ìý |
(29) |
Ìý |
9 |
Ìý |
150 |
​ |
Income tax benefit (expense) |
​ |
$ |
(39) |
Ìý |
1 |
Ìý |
202 |
​ |
|
| Summary of domestic and foreign earnings |
​
|
|
|
|
|
|
|
|
|
​ |
​ |
YearsÌýendedÌýDecemberÌý31, |
Ìý |
​ |
ÌýÌýÌýÌý |
2024 |
ÌýÌýÌýÌý |
2023 |
ÌýÌýÌýÌý |
2022 |
Ìý |
|
​ |
​ |
amountsÌýinÌýmillions |
Ìý |
Domestic |
​ |
$ |
(468) |
Ìý |
(299) |
Ìý |
479 |
​ |
Foreign |
​ |
Ìý |
444 |
Ìý |
274 |
Ìý |
228 |
​ |
Total |
​ |
$ |
(24) |
Ìý |
(25) |
Ìý |
707 |
​ |
|
| Schedule of Effective Income Tax Rate Reconciliation |
​
|
|
|
|
|
|
|
|
|
​ |
​ |
YearsÌýendedÌýDecemberÌý31, |
Ìý |
​ |
ÌýÌýÌýÌý |
2024 |
ÌýÌýÌýÌý |
2023 |
ÌýÌýÌýÌý |
2022 |
Ìý |
|
​ |
​ |
amountsÌýinÌýmillions |
Ìý |
Computed expected tax benefit (expense) |
​ |
$ |
5 |
Ìý |
5 |
Ìý |
(148) |
​ |
State and local income taxes, net of federal income taxes |
​ |
Ìý |
6 |
Ìý |
1 |
Ìý |
(9) |
​ |
Foreign income taxes, net of foreign tax credit |
​ |
​ |
15 |
​ |
3 |
​ |
22 |
​ |
Change in valuation allowance affecting tax expense |
​ |
Ìý |
(2) |
Ìý |
(5) |
Ìý |
338 |
​ |
Stock-based compensation |
​ |
​ |
16 |
​ |
6 |
​ |
11 |
​ |
Non-deductible executive compensation |
​ |
​ |
(11) |
​ |
(3) |
​ |
(6) |
​ |
Non-taxable gain / (non-deductible loss) |
​ |
​ |
(49) |
​ |
(3) |
​ |
3 |
​ |
Foreign currency adjustments |
​ |
​ |
— |
​ |
25 |
​ |
— |
​ |
Non-deductible interest |
​ |
​ |
(7) |
​ |
(6) |
​ |
(4) |
​ |
Capitalized transaction costs |
​ |
​ |
(7) |
​ |
(3) |
​ |
(2) |
​ |
Intergroup interest |
​ |
​ |
— |
​ |
(14) |
​ |
4 |
​ |
Other, net |
​ |
Ìý |
(5) |
Ìý |
(5) |
Ìý |
(7) |
​ |
Income tax benefit (expense) |
​ |
$ |
(39) |
Ìý |
1 |
Ìý |
202 |
​ |
|
| Schedule of Deferred Tax Assets and Liabilities |
​
|
|
|
|
|
|
|
​ |
​ |
DecemberÌý31, |
Ìý |
​ |
ÌýÌýÌýÌý |
2024 |
ÌýÌýÌýÌý |
2023 |
Ìý |
|
​ |
​ |
amountsÌýinÌýmillions |
Ìý |
Deferred tax assets: |
​ |
​ |
​ |
​ |
​ |
​ |
Tax loss and credit carryforwards |
​ |
$ |
628 |
Ìý |
687 |
​ |
Other accrued liabilities |
​ |
Ìý |
14 |
Ìý |
15 |
​ |
Investments |
​ |
​ |
103 |
​ |
123 |
​ |
Intangible assets |
​ |
​ |
12 |
​ |
2 |
​ |
Accrued stock compensation |
​ |
Ìý |
7 |
​ |
10 |
​ |
Discount on debt |
​ |
​ |
86 |
​ |
22 |
​ |
Deferred tax assets |
​ |
Ìý |
850 |
Ìý |
859 |
​ |
Valuation allowance |
​ |
Ìý |
(10) |
Ìý |
(8) |
​ |
Net deferred tax assets |
​ |
Ìý |
840 |
Ìý |
851 |
​ |
Deferred tax liabilities: |
​ |
​ |
​ |
​ |
​ |
​ |
Fixed assets |
​ |
​ |
80 |
​ |
|