Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
Income tax expense consisted of the following:
  For the Years Ended December 31,
  2024 2023 2022
Current taxes:      
Federal $ 297  $ 205  $ 80 
State 72  57  48 
Foreign
 2  —  — 
Total current taxes expense
 371  262  128 
Deferred taxes:      
Federal (165) (30) 203 
State 4  (10) 37 
Total deferred taxes (benefit) expense
 (161) (40) 240 
Total income tax expense $ 210  $ 222  $ 368 
Schedule of Effective Income Tax Rate Reconciliation
The following table presents a reconciliation of the U.S. federal statutory tax rate and our effective tax rate:
  For the Years Ended December 31,
  2024 2023 2022
Federal tax expense, at statutory rate 21.0  % 21.0  % 21.0  %
State income tax expense, net of federal benefit 4.0  % 4.9  % 4.2  %
Tax equity Investments, Inclusive of Tax Equity Credit 1.9  % (1.5) % —  %
R&D Tax Credits 1.9  % (8.3) % (1.7) %
Change in valuation allowance (0.3) % (2.1) % 2.3  %
Share-based compensation (1.3) % 1.8  % (1.0) %
Impact of nondeductible compensation (0.4) % 1.0  % 1.0  %
Goodwill impairment (37.8) % —  % —  %
Uncertain tax positions (0.3) % 0.6  % (0.8) %
Convertible Notes 1.3  % 2.7  % (0.5) %
Intergroup interests —  % (1.2) % 0.3  %
Other, net (1.3) % (0.6) % —  %
Effective tax rate (11.3) % 18.3  % 24.8  %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities, shown before jurisdictional netting, are presented below:
  For the Years Ended December 31,
  2024 2023
Deferred tax assets:    
Net operating loss carryforwards and tax credits $ 321  $ 368 
Other accrued liabilities 44  89 
Accrued stock compensation 53  56 
Deferred revenue 46  42 
Investments 102  — 
Other future deductible amounts 117  127 
Total deferred tax assets 683  682 
Deferred tax liabilities:    
Intangible assets (2,550) (2,576)
Fixed assets (124) (233)
Debt (3) (15)
Investments —  (29)
Total deferred tax liabilities (2,677) (2,853)
Net deferred tax liabilities before valuation allowance
 (1,994) (2,171)
Valuation allowance (93) (88)
Total net deferred tax liability
 $ (2,087) $ (2,259)
Schedule of Uncertain Income Tax Positions
Changes in our unrecognized tax benefits and uncertain tax positions from January 1 through December 31 are set forth below:
  2024 2023
Balance, beginning of year $ 171  $ 198 
Increases in tax positions for prior years 5  4 
Increases in tax positions for current year 27  32 
Decreases in tax positions for prior years —  (2)
Decreases in tax positions for current years (2) (3)
Decreases related to settlement with taxing authorities —  (58)
Balance, end of year $ 201  $ 171