Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.22.0.1
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation Between Statutory Rates and Effective Tax Rates Below is a reconciliation between the federal statutory rates of our TRS entities and our effective tax rates for the years ended December 31:
2021 2020 2019
Federal statutory income tax rate 21  % 21  % 21  %
Changes in rate resulting from:
Share-based compensation (4) % (13) % 2  %
Equity method investments (2) % (12) % (2) %
Other 5  % (4) % (1) %
Valuation allowance —  % —  % (15) %
Effective tax rate 20  % (8) % 5  %
Schedule of Deferred Tax Assets (Liabilities) Deferred tax assets (liabilities) include the following as of December 31:
2021 2020
  (in millions)
Net operating loss (NOL) carryforwards $ 75  $ 63 
Tax credit carryforwards 16  15 
Share-based compensation 3  3 
Other 13  9 
Valuation allowance —  — 
Gross deferred tax assets 107  90 
Receivables basis difference $ (15) $ (12)
Equity method investments (117) (86)
Gross deferred tax liabilities (132) (98)
Net deferred tax liabilities $ (25) $ (8)
Schedule of Cash Dividends Paid for Federal Income Tax Purposes
For federal income tax purposes, the cash dividends paid for the years ended December 31, 2021 and 2020 are characterized as follows:
2021 2020
Common distributions
Ordinary income 14  % —  %
Return of capital 86  % 100  %
  100  % 100  %