Charter 2015 Annual Report Download - page 128
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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- 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, 2015, 2014, and 2013, respectively, as follows:
Year Ended December 31,
2015 2014 2013
Statutory federal income taxes $ 116 $ (18)$ 17
Statutory state income taxes, net (4)(2)(7)
Nondeductible expenses (12)(10)(3)
Change in valuation allowance (250)(203)(127)
Organizational restructuring 187 — —
Federal tax credit 18 — —
State rate changes 4 (3)4
Other 1— (4)
Income tax benefit (expense) $ 60 $ (236)$ (120)
The change in the valuation allowance above 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, 2015 and 2014 are presented below.
December 31,
2015 2014
Deferred tax assets:
Goodwill $ 315 $ 251
Investment in partnership — 293
Loss carryforwards 4,247 3,595
Other intangibles 211 112
Accrued and other 227 172
Total gross deferred tax assets 5,000 4,423
Less: valuation allowance (3,186)(3,149)
Deferred tax assets $ 1,814 $ 1,274
Deferred tax liabilities:
Indefinite life intangibles $ (1,582)$ (1,428)
Property, plant and equipment (1,822)(1,247)
Indirect corporate subsidiaries:
Indefinite life intangibles — (122)
Other — (125)
Deferred tax liabilities (3,404)(2,922)
Net deferred tax liabilities $ (1,590)$ (1,648)