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Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract] Ìý
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Income tax benefit (expense) consists of:
Ìý
Years ended DecemberÌý31,
Ìý
2012
Ìý
2011
Ìý
2010
Ìý
amounts in millions
Current:
Ìý
Ìý
Ìý
Ìý
Ìý
Federal
$
(146
)
Ìý
(253
)
Ìý
(211
)
State and local
(2
)
Ìý
(7
)
Ìý
(8
)
Foreign
(2
)
Ìý
(1
)
Ìý
(5
)
Ìý
(150
)
Ìý
(261
)
Ìý
(224
)
Deferred:
Ìý
Ìý
Ìý
Ìý
Ìý
Federal
(372
)
Ìý
(33
)
Ìý
734

State and local
(78
)
Ìý
(39
)
Ìý
61

Foreign
—

Ìý
—

Ìý
—

Ìý
(450
)
Ìý
(72
)
Ìý
795

Income tax benefit (expense)
$
(600
)
Ìý
(333
)
Ìý
571

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:

Ìý
Years ended DecemberÌý31,
Ìý
2012
Ìý
2011
Ìý
2010
Ìý
amounts in millions
Computed expected tax benefit (expense)
$
(704
)
Ìý
(408
)
Ìý
(149
)
Disposition of consolidated subsidiaries
—

Ìý
—

Ìý
462

Settlements with taxing authorities
—

Ìý
—

Ìý
211

Taxable liquidation of a consolidated subsidiary
101

Ìý
—

Ìý
—

Dividends received deductions
40

Ìý
9

Ìý
7

State and local income taxes, net of federal income taxes
(57
)
Ìý
(28
)
Ìý
36

Change in valuation allowance affecting tax expense
24

Ìý
(20
)
Ìý
7

Recognition of tax benefits not previously recognized, net
9

Ìý
109

Ìý
—

Other, net
(13
)
Ìý
5

Ìý
(3
)
Income tax benefit (expense)
$
(600
)
Ìý
(333
)
Ìý
571

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:

Ìý
December 31,
Ìý
2012
Ìý
2011
Ìý
amounts in millions
Deferred tax assets:
Ìý
Ìý
Ìý
Net operating and capital loss carryforwards
$
46

Ìý
76

Accrued stock compensation
7

Ìý
41

Other accrued liabilities
42

Ìý
60

Deferred revenue
16

Ìý
18

Other future deductible amounts
9

Ìý
31

Deferred tax assets
120

Ìý
226

Valuation allowance
(6
)
Ìý
(30
)
Net deferred tax assets
114

Ìý
196

Deferred tax liabilities:
Ìý
Ìý
Ìý
Investments
794

Ìý
417

Intangible assets
90

Ìý
100

Other
19

Ìý
27

Deferred tax liabilities
903

Ìý
544

Net deferred tax liabilities
$
789

Ìý
348

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

Ìý
December 31,
Ìý
2012
Ìý
2011
Ìý
amounts in millions
Current deferred tax liabilities (assets)
$
(13
)
Ìý
(61
)
Long-term deferred tax liabilities (assets)
802

Ìý
409

Net deferred tax liabilities
$
789

Ìý
348

ÌýThe Co
Summary of Income Tax Contingencies [Table Text Block]
A reconciliation of unrecognized tax benefits is as follows:
Ìý
December 31,
Ìý
2012
Ìý
2011
Ìý
amounts in millions
Balance at beginning of year
$
34

Ìý
158

Ìý
Reductions for tax positions of prior years
(5
)
Ìý
(6
)
Ìý
Lapse of statute and settlements
—

Ìý
(118
)
Balance at end of year
$
29

Ìý
34