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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020


	Years ended December 31,
	2020		2019	2018

	amounts in millions
Computed expected tax benefit (expense)	$	(221)	131	(186)
State and local income taxes, net of federal income taxes		(45)	9	(13)
Foreign taxes, net of foreign tax credits		47	(1)	(5)
Alternative energy tax credits and incentives		139	152	92
Change in valuation allowance affecting tax expense		(59)	(51)	9
Change in tax rate		(15)	(23)	61
Corporate realignment		360	—	—
Change in tax rate - tax loss carryback		—	45	—
Tax write-off of consolidated subsidiary		—	34	—
Impairment of intangible asset		—	(93)	—
Other, net		5	14	(18)
Income tax benefit (expense)	$	211	217	(60)


	December 31,
	2020		2019

	amounts in millions
Deferred tax assets:
Tax losses and credit carryforwards	$	280	314
Foreign tax credit carryforwards		161	154
Accrued stock compensation		18	22
Operating lease liability		82	84
Other accrued liabilities		54	48
Other		168	186
Deferred tax assets		763	808
Valuation allowance		(264)	(205)
Net deferred tax assets		499	603

Deferred tax liabilities:
Investments		31	122
Intangible assets		816	856
Fixed assets		163	106
Discount on exchangeable debentures		714	1,047
Other		102	153
Deferred tax liabilities		1,826	2,284
Net deferred tax liabilities	$	1,327	1,681


	Years ended December 31,
	2020		2019	2018

	amounts in millions
Balance at beginning of year	$	75	70	71
Additions based on tax positions related to the current year		7	5	9
Additions for tax positions of prior years		7	14	2
Reductions for tax positions of prior years		(1)	(3)	—
Lapse of statute and settlements		(5)	(11)	(12)
Balance at end of year	$	83	75	70