DIRECTV 2007 Annual Report Download - page 122
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THE DIRECTV GROUP, INC.
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
CONDENSED STATEMENTS OF OPERATIONS
(Parent Company Only)
Years Ended December 31,
2007 2006 2005
(Dollars in Millions)
Operating costs and expenses
General and administrative expenses ............................ $ 87 $ 79 $ 91
Total operating costs and expenses ................................ 87 79 91
Operating loss .............................................. (87) (79) (91)
Interest income ............................................. 43 61 110
Interest expense ............................................. (3) (5) (5)
Equity in net earnings (losses) of subsidiaries ........................ 2,434 2,309 465
Other, net ................................................. (10) — (1)
Income from continuing operations before income taxes ................ 2,377 2,286 478
Income tax expense .......................................... (943) (866) (142)
Income from continuing operations ............................... 1,434 1,420 336
Income from discontinued operations, net of taxes .................... 17 — —
Net income ................................................ $1,451 $1,420 $ 336
CONDENSED BALANCE SHEETS
(Parent Company Only)
December 31,
2007 2006
(Dollars in Millions)
ASSETS
Current assets
Cash and cash equivalents ........................................ $ 74 $ 978
Short-term investments .......................................... 10 170
Accounts and interest receivables from subsidiaries ...................... 29 25
Deferred income taxes ........................................... 53 165
Prepaid expenses and other ....................................... 5 111
Total current assets ............................................ 171 1,449
Investments in subsidiaries .......................................... 6,899 6,023
Other assets .................................................... 94 46
Total assets ..................................................... $7,164 $7,518
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable, and accrued liabilities .............................. $ 79 $ 90
Total current liabilities ............................................. 79 90
Deferred income taxes ............................................ 474 446
Other liabilities and deferred credits .................................. 309 301
Commitments and contingencies
Stockholders’ equity .............................................. 6,302 6,681
Total liabilities and stockholders’ equity ................................ $7,164 $7,518
Reference should be made to the Notes to the Condensed Financial Statements.
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