DIRECTV 2002 Annual Report Download - page 129
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HUGHES ELECTRONICS CORPORATION
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
CONDENSED STATEMENTS OF OPERATIONS
(Parent Company Only)
Years Ended December 31,
2002 2001 2000
(Dollars in Millions)
Operating Costs and Expenses
Selling, general and administrative expenses .................... $ 58.5 $ 98.5 $136.6
Allocation of expenses to subsidiaries .......................... (56.2) (83.6) (84.6)
Total operating costs and expenses .............................. 2.3 14.9 52.0
Operatingloss................................................ (2.3) (14.9) (52.0)
Interest income ............................................... 160.6 173.4 178.0
Interest expense .............................................. (106.7) (43.2) (95.8)
Equity in net earnings (losses) of subsidiaries ...................... (1,317.8) (740.3) 649.7
Other,net ................................................... 524.6 27.0 —
Income (Loss) Before Income Taxes, Minority Interests and Cumulative
Effect of Accounting Changes ................................. (741.6) (598.0) 679.9
Income tax (expense) benefit ................................... (152.2) (23.6) 133.1
Net Income (Loss) ............................................ $ (893.8) $(621.6) $813.0
CONDENSED BALANCE SHEETS
(Parent Company only)
December 31,
2002 2001
(Dollars in Millions)
ASSETS
Current Assets
Cash and cash equivalents ........................................ $ 239.0 $ 232.1
Accounts and interest receivables from subsidiaries .................... 27.1 12.4
Deferred income taxes ............................................ 121.4 110.8
Prepaid expenses and other ........................................ 90.7 215.8
Total Current Assets ............................................ 478.2 571.1
Loans Receivable from Subsidiaries ................................... 1,913.8 2,036.8
Investments in Subsidiaries .......................................... 8,824.3 9,927.4
Other Assets ...................................................... 216.6 377.7
Total Assets ....................................................... $11,432.9 $12,913.0
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities
Accounts payable, accrued liabilities and other ........................ 509.5 626.9
Current portion of long-term debt .................................... 506.3 750.0
Total Current Liabilities .......................................... 1,015.8 1,376.9
Other Liabilities and Deferred Credits .................................. 398.1 429.7
Deferred Income Taxes ............................................. 41.9 34.5
Commitments and Contingencies
Stockholder’s Equity ................................................ 9,977.1 11,071.9
Total Liabilities and Stockholder’s Equity ............................... $11,432.9 $12,913.0
Reference should be made to the Notes to the Condensed Financial Statements.
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