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Income Taxes
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Dec. 31, 2014
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| Income Taxes [Abstract] | Ìý | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes |
Ìý (11)Income Taxes Ìý Income tax benefit (expense) consists of: Ìý Ìý
Ìý 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
Ìý For the year ended December 31, 2014 the significant reconciling items, as noted in the table above, are the result of taxes attributable to our sale of Sirius XM shares to Sirius XM, which is treated as a taxable distribution, but isÌýÌýnot recognized for financial statement purposes. In addition, we recognized a benefit on our liquidation of a consolidated partnership investment and the related reduction in the tax basis of the partnership’s assets, which was not recognized for financial statement purposes and a dividends received deduction, primarily attributable to the taxable SIRIUS XM distribution during the year. Ìý For the year ended December 31, 2013 the significant reconciling items, as noted in the table above, are the result of a $7.5 billion non-taxable gain on the consolidation of SIRIUS XM on January 18, 2013, as discussed in note 3, and the non-taxable exchange of one of Â鶹×îгöÆ·'s consolidated subsidiaries on October 4, 2013, in exchange for Â鶹×îгöÆ· shares (see note 12 for further discussion of this transaction). Ìý For the year ended December 31, 2012 the significant reconciling items, as noted in the table above, are the result of a capital loss realized on the taxable liquidation of a consolidated subsidiary.ÌýÌýThe realized capital loss was approximately $289 million and as a result a $101 million federal tax benefit was recorded that offset federal tax expense from capital gains realized during the year ended December 31, 2012. Ìý
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
Ìý The Company's deferred tax assets and liabilities are reported in the accompanying consolidated balance sheets as follows: Ìý
Ìý SIRIUS XM's deferred tax assets and liabilities are included in the amounts above although SIRIUS XM's deferred tax assets and liabilities are not offset with Â鶹×îгöÆ·'s deferred tax assets and liabilities as SIRIUS XM is not included in the group tax return of Â鶹×îгöÆ·. Â鶹×îгöÆ·'s acquisition of a controlling interest in SIRIUS XM's outstanding common stock during January 2013 did not create a change in control under Section 382 of the Internal Revenue Code. Ìý The Company's net decrease in the valuation allowance was $4 million in 2014. Of the change in valuation allowance, $2 million was an increase to tax expense andÌý$6 million was a decrease as a result of the Broadband Spin-Off. Ìý At DecemberÌý31, 2014, the Company had federal net operating loss carryforwards for income tax purposes which, if not utilized to reduce taxable income in future periods, will expire between 2017 and 2028, most of which expire between 2024 and 2027. The Company's federal net operating loss carryforwards are primarily attributable to those at the SIRIUS XM level ($5.5 billion). These net operating loss carryforwards are subject to certain limitations and may not be currently utilized. Ìý In addition, Â鶹×îгöÆ· currently has $70 million of excess share-based compensation deductions resulting in an approximate gross operating loss carryforward on its tax return of $70 million.ÌýÌýÌýExcess tax compensation benefits are recorded off balance sheet until the excess tax benefit is realized through a reduction of taxes payable. Ìý A reconciliation of unrecognized tax benefits is as follows: Ìý Ìý
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