Charter 2015 Annual Report Download - page 127
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CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND 2013
(dollars in millions, except share or per share data or where indicated)
F- 30
Current and deferred income tax benefit (expense) is as follows:
Year Ended December 31,
2015 2014 2013
Current expense:
Federal income taxes $ (1)$ (1)$ (1)
State income taxes (4)(2)(7)
Current income tax expense (5)(3)(8)
Deferred benefit (expense):
Federal income taxes 53 (192)(101)
State income taxes 12 (41)(11)
Deferred income tax benefit (expense) 65 (233)(112)
Income tax benefit (expense) $ 60 $ (236)$ (120)
Income tax benefit for the year ended December 31, 2015 changed from income tax expense recognized during the year ended
December 31, 2014 primarily as a result of the deemed liquidation of Charter Holdco.
Income tax expense for the year ended December 31, 2013 included step-ups in basis of indefinite-lived assets for tax, but not
GAAP purposes, including the effects of partnership gains related to financing transactions and a partnership restructuring, which
decreased the Company's net deferred tax liability related to indefinite-lived assets by $137 million. Of the $137 million decrease
in net deferred tax liability, $101 million of deferred tax benefits correspond to gains recognized by corporate subsidiaries of
Charter, which were partners in Charter Holdco. These gains resulted in a step-up in the underlying tax basis of Charter Holdco's
assets and a corresponding reduction in the deferred tax liabilities for financial reporting purposes. In addition, on December 31,
2013, Charter restructured one of its tax partnerships which resulted in a $405 million net step-up to primarily intangible assets
and a deferred income tax benefit of $36 million due to a shift in step-ups to indefinite-lived intangibles.