乐天堂fun88(中国区)官方网站

18. INCOME TAXES

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We use the asset and liability method of accounting for income taxes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and tax reporting purposes. We evaluate deferred tax assets to determine whether it is more likely than not that they will be realized. Valuation allowances are reviewed on an individual tax jurisdiction basis to analyze whether there is sufficient positive or negative evidence to support a change in judgment about the realizability of the related deferred tax assets. These conclusions require significant judgment. In evaluating the objective evidence that historical results provide, we consider the cyclicality of our businesses and cumulative income or losses during the applicable period. Cumulative losses incurred over the applicable period limits our ability to consider other subjective evidence such as our projections for the future. Changes in expected future income in applicable jurisdictions could affect the realization of deferred tax assets in those jurisdictions.

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During the three months ended March 31, 2022 and 2021, there was no听tax benefit or expense recognized in connection with the net losses of $2听million and听$19 million, respectively, on fair value adjustments to our Venator investment and related option to sell听our remaining Venator shares听recorded as part of non-operating income from continuing operations. Through December 31, 2021, we have recognized the portion of our Venator investment tax basis in excess of book that we ultimately expect to be able to utilize; no incremental tax benefit has been recognized on the year-to-date fair value losses incurred in 2021 or 2022. As a significant, unusual and听non-operating item, these amounts were treated discretely and excluded from the annual effective tax rate calculation for interim reporting.鈥�

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乐天堂fun88(中国区)官方网站 Corporation

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We recorded income tax expense from continuing operations of $65听million and听$34 million for the three months ended March 31, 2022 and 2021, respectively. Our tax expense is significantly affected by the mix of income and losses in the tax jurisdictions in which we operate, as impacted by the presence of valuation allowances in certain tax jurisdictions.听

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乐天堂fun88(中国区)官方网站 International

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乐天堂fun88(中国区)官方网站 International recorded income tax expense from continuing operations of听$65听million and $35听million for the three months ended March 31, 2022 and 2021, respectively. Our tax expense is significantly affected by the mix of income and losses in the tax jurisdictions in which we operate, as impacted by the presence of valuation allowances in certain tax jurisdictions.

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