Company: CZR
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001590895-25-000068
Chunk: 437

Company: Caesars Entertainment, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 437
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232022Income tax provision (benefit) applicable to:Income from continuing operations$87 $(888)$(41)Discontinued operations— — (50)Additional paid-in capital— (12)— Other comprehensive income— 1 (30)The following is a reconciliation of the statutory federal income tax of 21% to the Company’s reported income tax provision (benefit) for the years ended December 31, 2024, 2023 and 2022:Years Ended December 31,(In millions)202420232022Federal statutory income tax provision (benefit)$(26)$(13)$(118)State and local income tax provision (benefit)(16)(13)1 Nondeductible compensation and benefits17 16 13 Goodwill impairment and write offs53 3 3 Increase (decrease) in uncertain tax positions1 — (1)Change in tax rates from change in tax law before valuation allowance38 25 86 Foreign taxes1 3 6 Deferred tax adjustment related to William Hill acquisition— — 30 Minority interests(14)(9)3 Valuation allowance36 (889)(55)Tax credits(10)(14)(10)Other7 3 1 Reported income tax provision (benefit)$87 $(888)$(41)

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CAESARS ENTERTAINMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred taxes at December 31, 2024 and 2023 are as follows:As of December 31,(In millions)20242023Deferred tax assets:Loss carryforwards$391 $569 Excess business interest expense499 399 Credit carryforwards39 141 Financing obligation2,673 2,644 Long-term lease obligation202 208 Other237 233 4,041 4,194 Deferred tax liabilities:Identified intangibles(677)(759)Fixed assets(2,214)(2,295)Right-of-use assets(168)(174)Other(94)(101)(3,153)(3,329)Valuation allowance(956)(920)Net deferred tax liabilities$(68)$(55)