含羞草传媒. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

听

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:



听	Years ended December 31,
听	2012			听	2011		听	2010
听	amounts in millions
Computed expected tax benefit (expense)	$	(695	)	听	(329	)	听	(339	)
Nontaxable exchange of investments for subsidiary	鈥�			听	鈥�		听	112
Consolidation of previously held equity method affiliate	294			听	鈥�		听	鈥�
State and local income taxes, net of federal income taxes	(11		)	听	(22	)	听	18
Foreign taxes, net of foreign tax credits	5			听	(3	)	听	48
Impairment of intangibles not deductible for tax purposes	(29		)	听	鈥�		听	鈥�
Dividends received deductions	13			听	5		听	5
Alternative energy tax credits	48			听	3		听	鈥�
Change in valuation allowance affecting tax expense	(8		)	听	(15	)	听	鈥�
Nontaxable gains (losses) related to the Company's common stock	1			听	8		听	27
Other, net	(12		)	听	1		听	1
Income tax benefit (expense)	$	(394	)	听	(352	)	听	(128	)

The tax benefit from the consolidation of a previously held equity method affiliate for the year ended December 31, 2012 is the result of the acquisition of a controlling interest in TripAdvisor in the fourth quarter of 2012. The Company recorded an $800 million dollar gain on the transaction, due to the application of purchase accounting, which was excluded from taxable income. In addition, the difference between the book basis and tax basis of TripAdvisor, as previously accounted for under the equity method, was relieved as a result of the transaction.

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:



听	December 31,
听	2012			听	2011
听	amounts in millions
Deferred tax assets:	听			听	听
Net operating and capital loss carryforwards	$	110		听	70
Foreign tax credit carryforwards	87			听	30
Accrued stock compensation	32			听	44
Other accrued liabilities	80			听	69
Deferred revenue	4			听	5
Other future deductible amounts	116			听	114
Deferred tax assets	429			听	332
Valuation allowance	(52		)	听	(16	)
Net deferred tax assets	377			听	316
听	听			听	听
Deferred tax liabilities:	听			听	听
Investments	492			听	190
Intangible assets	2,751			听	1,661
Discount on exchangeable debentures	890			听	978
Deferred gain on debt retirements	321			听	321
Other	44			听	63
Deferred tax liabilities	4,498			听	3,213
Net deferred tax liabilities	$	4,121		听	2,897

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



听	December 31,
听	2012		听	2011
听	amounts in millions
Current deferred tax liabilities	$	912	听	851
Long-term deferred tax liabilities	3,209		听	2,046
Net deferred tax liabilities	$	4,121	听	2,897

Summary of Income Tax Contingencies [Table Text Block]

A reconciliation of unrecognized tax benefits is as follows:



听	Years ended December 31,
听	2012			听	2011
听	amounts in millions
Balance at beginning of year	$	123		听	123
Additions based on tax positions related to the current year	12			听	13
Additions for tax positions of prior years	2			听	3
Reductions for tax positions of prior years	(4		)	听	(5	)
Acquisition of TripAdvisor	24			听	鈥�
Lapse of statute and settlements	(11		)	听	(11	)
Balance at end of year	$	146		听	123

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax benefit (expense) consists of:



听	Years ended December 31,
听	2012			听	2011		听	2010
听	amounts in millions
Current:	听			听	听		听	听
Federal	$	(214	)	听	(156	)	听	(85	)
State and local	(27		)	听	(32	)	听	6
Foreign	(140		)	听	(120	)	听	(111	)
听	$	(381	)	听	(308	)	听	(190	)
Deferred:	听			听	听		听	听
Federal	$	(31	)	听	(42	)	听	27
State and local	11			听	(6	)	听	21
Foreign	7			听	4		听	14
听	(13		)	听	(44	)	听	62
Income tax benefit (expense)	$	(394	)	听	(352	)	听	(128	)

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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