Charter 2013 Annual Report Download - page 113
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CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2013, 2012 AND 2011
(dollars in millions, except share or per share data or where indicated)
F- 31
The Company’s effective tax rate differs from that derived by applying the applicable federal income tax rate of 35% for the
years ended December 31, 2013, 2012, and 2011, respectively, as follows:
Year Ended December 31,
2013 2012 2011
Statutory federal income taxes $ 17 $ 17 $ 24
Statutory state income taxes, net (7) (7)(9)
Nondeductible expenses (3) (6)(5)
Change in valuation allowance (127) (264)(312)
State rate changes 4 — —
Other (4) 3 3
Income tax expense $ (120) $ (257)$ (299)
For the years ended December 31, 2012 and 2011, the change in valuation allowance includes an increase of $4 million and $3
million, respectively, related to adjustments to cash flow hedges included in other comprehensive income. In addition, the change
in the valuation allowance above for the year ended December 31, 2013 differs from the change between the beginning and ending
deferred tax position due to a reduction of certain deferred tax assets and valuation allowance with no impact to the consolidated
statements of operations.
The tax effects of these temporary differences that give rise to significant portions of the deferred tax assets and deferred tax
liabilities at December 31, 2013 and 2012 are presented below.
December 31,
2013 2012
Deferred tax assets:
Goodwill $ 274 $ 199
Investment in partnership 289 448
Loss carryforwards 3,170 2,943
Other intangibles 48 —
Accrued and other 112 135
Total gross deferred tax assets 3,893 3,725
Less: valuation allowance (2,961) (2,851)
Deferred tax assets $ 932 $ 874
Deferred tax liabilities:
Indefinite life intangibles $ (1,205) $ (1,094)
Other intangibles — (256)
Property, plant and equipment (901) (575)
Indirect corporate subsidiaries:
Indefinite life intangibles (122) (120)
Other (119) (132)
Deferred tax liabilities (2,347) (2,177)
Net deferred tax liabilities $ (1,415) $ (1,303)