Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2011
Income Tax Contingency [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 35% as a result of the following:

 
Years ended December 31,
 
2011
 
2010
 
2009
 
amounts in millions
Computed expected tax benefit (expense)
$
(329
)
 
(339
)
 
29

Nontaxable exchange of investments for subsidiary
—

 
112

 
—

State and local income taxes, net of federal income taxes
(22
)
 
18

 
(7
)
Foreign taxes, net of foreign tax credits
(3
)
 
48

 
(4
)
Change in valuation allowance affecting tax expense
(15
)
 
—

 
—

Nontaxable gains (losses) related to the Company's common stock
8

 
27

 
20

Other, net
9

 
6

 
7

Income tax benefit (expense)
$
(352
)
 
(128
)
 
45


Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
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,
 
2011
 
2010
 
amounts in millions
Deferred tax assets:
 
 
 
Net operating and capital loss carryforwards
$
70

 
40

Accrued stock compensation
44

 
33

Other accrued liabilities
69

 
154

Deferred revenue
5

 
9

Other future deductible amounts
144

 
92

Deferred tax assets
332

 
328

Valuation allowance
(16
)
 
(1
)
Net deferred tax assets
316

 
327

 
 
 
 
Deferred tax liabilities:
 
 
 
Investments
190

 
115

Intangible assets
1,661

 
1,718

Discount on exchangeable debentures
978

 
947

Deferred gain on debt retirements
321

 
313

Other
63

 
95

Deferred tax liabilities
3,213

 
3,188

Net deferred tax liabilities
$
2,897

 
2,861


The Company's deferred tax assets and liabilities are reported in the accompanying consolidated balance sheets as follows:

 
December 31,
 
2011
 
2010
 
amounts in millions
Current deferred tax liabilities
$
851

 
152

Long-term deferred tax liabilities
2,046

 
2,709

Net deferred tax liabilities
$
2,897

 
2,861

Summary of Income Tax Contingencies [Table Text Block]
A reconciliation of unrecognized tax benefits is as follows:

 
Years ended December 31,
 
2011
 
2010
 
amounts in millions
Balance at beginning of year
$
123

 
160

Additions based on tax positions related to the current year
13

 
11

Additions for tax positions of prior years
3

 
3

Reductions for tax positions of prior years
(5
)
 
(23
)
Lapse of statute and settlements
(11
)
 
(28
)
Balance at end of year
$
123

 
123

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Income tax benefit (expense) consists of:

 
Years ended December 31,
 
2011
 
2010
 
2009
 
amounts in millions
Current:
 
 
 
 
 
Federal
$
(156
)
 
(85
)
 
(119
)
State and local
(32
)
 
6

 
(49
)
Foreign
(120
)
 
(111
)
 
(85
)
 
$
(308
)
 
(190
)
 
(253
)
Deferred:
 
 
 
 
 
Federal
$
(42
)
 
27

 
249

State and local
(6
)
 
21

 
46

Foreign
4

 
14

 
3

 
(44
)
 
62

 
298

Income tax benefit (expense)
$
(352
)
 
(128
)
 
45