DIRECTV 2006 Annual Report Download - page 99

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THE DIRECTV GROUP, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS —(continued)
Sheets. These amounts secure our letter of credit obligations. Restrictions on the cash will be removed
as the letters of credit expire.
Note 10: Income Taxes
We base our income tax expense or benefit on reported ‘‘Income (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.
Our income tax (expense) benefit consisted of the following for the years ended December 31:
2006 2005 2004
(Dollars in Millions)
Current tax (expense) benefit:
U.S. federal ........................................... $ (20.0) $ 14.3 $(34.9)
Foreign .............................................. (16.3) 6.5 6.0
State and local ......................................... (32.1) (1.4) (4.6)
Total ............................................. (68.4) 19.4 (33.5)
Deferred tax (expense) benefit:
U.S. federal ........................................... (703.4) (170.1) 631.0
State and local ......................................... (93.7) (22.5) 93.1
Total ............................................. (797.1) (192.6) 724.1
Total income tax (expense) benefit ....................... $(865.5) $(173.2) $690.6
‘‘Income (Loss) From Continuing Operations Before Income Taxes, Minority Interests and
Cumulative Effect of Accounting Changes’’ included the following components for the years ended
December 31:
2006 2005 2004
(Dollars in Millions)
U.S. income (loss) ........................................ $2,161.3 $523.8 $(1,614.5)
Foreign income (loss) ..................................... 137.3 (43.5) (145.6)
Total .............................................. $2,298.6 $480.3 $(1,760.1)
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