Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.22.4
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2022
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:
2022 2021 2020
Federal statutory income tax rate 21  % 21  % 21  %
Changes in rate resulting from:
Share-based compensation (41) % (4) % (13) %
Equity method investments 55  % (2) % (12) %
Other (11) % 5  % (4) %
Valuation allowance (114) % —  % —  %
Effective tax rate (90) % 20  % (8) %
Schedule of Deferred Tax Assets (Liabilities) Deferred tax assets (liabilities) include the following as of December 31:
2022 2021
  (in millions)
Net operating loss (NOL) carryforwards $ 114  $ 75 
Tax credit carryforwards 21  16 
Share-based compensation 3  3 
Other 1  13 
Valuation allowance (10) — 
Gross deferred tax assets 129  107 
Receivables basis difference $ (20) $ (15)
Equity method investments (153) (117)
Gross deferred tax liabilities (173) (132)
Net deferred tax liabilities $ (44) $ (25)
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, 2022 and 2021 are characterized as follows:
2022 2021
Common distributions
Ordinary income 31  % 14  %
Return of capital 69  % 86  %
  100  % 100  %