Qurate Retail, Inc. Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021


	Years ended December 31,
	2021		2020	2019

	amounts in millions
Computed expected tax benefit (expense)	$	(134)	(221)	131
State and local income taxes, net of federal income taxes		(20)	(45)	9
Tax on foreign earnings, net of federal tax benefits		(113)	47	(1)
Alternative energy tax credits and incentives		125	139	152
Change in valuation allowance affecting tax expense		—	(59)	(51)
Change in tax rate		—	(15)	(23)
Corporate realignment		—	360	—
Change in tax rate - tax loss carryback		—	—	45
Tax write-off of consolidated subsidiary		—	—	34
Impairment of intangible asset		(49)	—	(93)
Non-deductible interest on Preferred Stock to non-employee		(21)	(6)	—
Other, net		(5)	11	14
Income tax benefit (expense)	$	(217)	211	217


	December 31,
	2021		2020

	amounts in millions
Deferred tax assets:
Tax losses and credit carryforwards	$	240	280
Foreign tax credit carryforwards		95	161
Accrued stock compensation		15	18
Operating lease liability		71	82
Other accrued liabilities		63	54
Prepaid royalty		94	—
Other		131	168
Deferred tax assets		709	763
Valuation allowance		(264)	(264)
Net deferred tax assets		445	499

Deferred tax liabilities:
Intangible assets		758	816
Fixed assets		145	163
Discount on exchangeable debentures		768	714
Other		94	133
Deferred tax liabilities		1,765	1,826
Net deferred tax liabilities	$	1,320	1,327


	Years ended December 31,
	2021		2020	2019

	amounts in millions
Balance at beginning of year	$	83	75	70
Additions based on tax positions related to the current year		9	7	5
Additions for tax positions of prior years		1	7	14
Reductions for tax positions of prior years		(1)	(1)	(3)
Lapse of statute and settlements		(4)	(5)	(11)
Balance at end of year	$	88	83	75