DIRECTV 2002 Annual Report Download - page 98
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HUGHES ELECTRONICS CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (continued)
Note 10: Income Taxes
The income tax benefit is based on the reported loss from continuing operations before income
taxes, minority interests and cumulative effect of accounting changes. Deferred income tax assets and
liabilities reflect the impact of temporary differences between the amounts of assets and liabilities
recognized for financial reporting purposes and such amounts recognized for tax purposes, as
measured by applying currently enacted tax laws.
Hughes and its domestic subsidiaries join with GM in filing a consolidated U.S. federal income tax
return. The portion of the consolidated income tax liability or receivable recorded by Hughes is
generally equivalent to the amount that would have been recorded on a separate return basis.
The income tax benefit consisted of the following:
2002 2001 2000
(Dollars in Millions)
Taxes currently payable (refundable):
U.S. federal ............................................... $(234.1) $(422.2) $(757.9)
Foreign................................................... 77.4 54.8 31.6
State and local ............................................ (15.0) (54.1) (52.0)
Total ................................................. (171.7) (421.5) (778.3)
Deferred tax liabilities:
U.S. federal ............................................... 72.3 89.9 361.0
State and local ............................................ 5.0 6.0 11.2
Total ................................................. 77.3 95.9 372.2
Total income tax benefit ................................. $ (94.4) $(325.6) $(406.1)
Loss from continuing operations before income taxes, minority interests and cumulative effect of
accounting changes included the following components:
2002 2001 2000
(Dollars in Millions)
U.S.loss ..................................................... $ (82.7) $(914.7) $(752.2)
Foreignloss .................................................. (202.6) (75.0) (63.4)
Total ................................................. $(285.3) $(989.7) $(815.6)
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